Brad Garlinghouse warned the crypto community regarding potentially the next crypto player target on the radar of the US enforcement agencies.
Ripple is a US-based fintech firm which is known for its efficient cross-border payment services. Since Dec 2020, this firm has been under huge legal hurdles because of a lawsuit, filed by the United States Securities and Exchange Commission (SEC) against this company over its financial activities related to XRPL (XRP) Cryptocurrency.
In a recent interview, Ripple CEO Brad Garlinghouse said that the next target for the US Government is Tether, a top stablecoin firm which is responsible for the circulation of USDT stablecoin.
Ripple executive says that he sees Tether as a big part of the crypto market’s system, and he’s not sure how it will affect everything else.
Ripple CEO’s statement is a very big alarm because Ripple is only the firm which has been fighting strongly against the United States Securities and Exchange Commission (SEC) and Ripple has huge legal experience in this sector.
It is worth it to note that a couple of months ago, some reports by the government agencies named Tether (USDT) as a payment option for terrorist organisations, illicit funding, and money laundering.
At the time, Tether executives said that USDT was never used in any big illicit activities, while small-scale misuse or USDT stablecoin was successfully encountered & halted.
Ripple CEO says #Tether will be next target for the US authorities
While the UN’s office on drugs and crime already dragged Tether’s name in crime report staticts. 👇👇👇 Read old report here👇👇https://t.co/4z6dA6DtVR
— Bitcoinik (@Bitcoinikdotcom) May 12, 2024
Some experts considered Ripple CEO’s statement as a very big insider report and if it happens in reality then very high sell pressure on the USDT stablecoin market will occur and in that situation downfall in the value of USDT will occur significantly.
Read also: Peter Schiff says “accusation of secretly owning Bitcoin” is a wrong claim
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Read More: Ripple CEO warns US government’s next target “top stablecoin issuer Tether