EddieJayonCrypto

 13 Feb 25

tl;dr

Paolo Ardoino, CEO of Tether, has criticized JPMorgan, suggesting their analysts are envious for not owning the largest cryptocurrency. JPMorgan had advised Tether to potentially sell its significant Bitcoin reserves due to new stablecoin regulations. The STABLE bill could render 34% of Tether's res...

Paolo Ardoino, CEO of Tether, has criticized JPMorgan, suggesting their analysts are envious for not owning the largest cryptocurrency. JPMorgan had advised Tether to potentially sell its significant Bitcoin reserves due to new stablecoin regulations.

The STABLE bill could render 34% of Tether's reserves noncompliant. However, Tether's backing by Howard Lutnick, CEO of Cantor Fitzgerald, and nominee for U.S. Commerce secretary, may mitigate the likelihood of Bitcoin liquidation, despite regulatory scrutiny.

As much as 34% of Tether's reserves would be noncompliant under the STABLE bill, whose discussion draft was released last week. Tether's current Bitcoin holdings stand at a whopping $8 billion.

It is also worth noting that Tether, which has faced significant regulatory scrutiny in the U.S., is backed by Howard Lutnick, CEO of prominent financial services firm Cantor Fitzgerald. His ties to Tether were mentioned during a recent confirmation hearing.

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