Brad Garlinghouse Praise SEC’s Victory in it’s Latest Case, Tether CEO Responds
Paolo Ardoino, Tether CEO has today responded to Brad Garlinghouse, the Ripple CEO in his comments stating that Tether is under attack by the United States regulatory agencies. Ardonio, in an interview with Cointelegraph, has listed many factors that proved that USDT complies with regulatory laws.
Garlinghouse emphasized that the most significant triumph happened the previous year when a federal judge determined that XRP sales on secondary markets did not qualify as securities offerings.
Amid the lengthy legal battle with the Security and Exchange Commission (SEC), investors and traders alike have remained optimistic, and are finding comfort in Garlinghouse’s remarks. Ardoino has termed Garlinghouse comments hypocritical, because Ripple is currently being scrutinized by SEC for attempting to launch a stablecoin that counters Tether’s USDT.
Tether CEO has claimed that the USDT has continuously proved its usefulness by maintaining a strong price, and high liquid reserves. He also termed the company as a global premium cryptocurrency custodian and has pledged profound compliance with regulatory rules.
Garlinghouse’s Comments highlight Ripple’s Faith in its Legal Defense
Recall, that the United States District Judge Sarah Netburn declared in March of 2021 that under federal securities, that transactions utilizing XRP on secondary markets did not constitute securities offerings. The SEC’s case was severely damaged by this decision, which also gave Ripple a significant legal precedent to support its defense.
Judge Netburn’s decision was interpreted as supporting Ripple’s contention that XRP transactions—especially those that take place on secondary markets—should not be subject to the same level of regulatory scrutiny as conventional securities offerings.
Garlinghouse’s comments on the decision highlight Ripple’s faith in its legal defense plan and its will to win the SEC lawsuit. Ripple has persisted in defending its stance and pushing for regulatory clarity in the cryptocurrency sector despite obstacles to regulation and unpredictability in the legal system.
The company has argued that to promote innovation and investment in the emerging cryptocurrency market, a clear regulatory framework that makes a distinction between digital assets like XRP and traditional securities is necessary.
Tether Boss Reveals Its Commitment to Complying with Government Regulations
Due to the uncertainty surrounding XRP’s regulatory status, investors are keenly watching the case’s progress for any potential effects on the token’s future. This has resulted in volatility in both the token’s price and market sentiment.
Apart from the legal actions in the United States, Ripple has also encountered regulatory obstacles in the United Kingdom and Japan, where authorities have expressed apprehensions regarding XRP’s legal standing and adherence to regional securities regulations.
The Tether boss revealed that the company works together with 124 government agencies in over 40 countries in the world, and has succeeded in blocking assets worth more than $1.3 billion linked to different firms of scams, laundering money, and other illegal activities since its inception.
Ardoino analyzes its Corporation With Government Agencies, Reaffirms Its Commitment
Ardoino revealed that out of the $1.3 billion work of assets that have been blocked, over $639 million were done in collaboration with United States law enforcement agencies. He also added that his company has voluntarily responded to 198 requests from various government enforcement agencies to block marked wallets.
Over 90 of these requests came from the United States agencies. However, in three years, the company has received 339 requests, out of which 158 came from the United States law enforcement agencies. Ardoino posted on his X handle that Tether is working closely with United States law enforcement agencies and is very ready to comply with all judicial instructions.
His response is coming after Garlinghouse made a claim in a Podcast, that there’s a huge chance that another black swan scenario linked to cryptocurrency happening again. The cryptocurrency community has described the comment by Ripple CEO’s boss as cryptic, and may likely be predicting the future of the United States regulatory landscape.
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