JP Morgan Research Report: U.S. regulators do have some control over Tether
As reported by CoinDesk, JPMorgan (JPM) stated in a research report that USDT, the highest market value stablecoin, faces risks due to its dependence on the US market and pending regulations.
The report states that although USDT issuer Tether is not based in the United States, regulatory agencies can exert some control over the stablecoin issuer's overseas use through the US Treasury Department's Office of Foreign Assets Control (OFAC).
JPMorgan pointed out that the association with Tornado Cash is one example, citing OFAC's blacklisting of the cryptocurrency mixer that will be running on the Ethereum network in August 2022, accusing it of facilitating money laundering activities.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
The Daily: Bitcoin and ether dip amid second Trump assassination attempt, Fed may cut rates by 50 bps this week and more
Bitcoin and ether dip after Friday’s rally amid reports of a second assassination attempt on Donald Trump.The Federal Reserve is now expected to cut rates by 50 bps this week, giving a boost to bitcoin, according to a Bitwise analyst.Former Celsius CEO Alex Mashinsky seeks testimony from six witnesses as he faces 115-year prison sentence.The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Ethereum Investor Reaps 446x Return After 8.5 Years
Flare Network launches Flare Time Series Oracle v2 to boost performance, security, and scalability
Trending news
MoreCrypto prices
More
