On @bitfinex 's and @Tether_to 's settlement with the CFTC -- a 🧵1/8

6:11 PM · Oct 15, 2021

4
109
42
421
I would encourage everyone to read the settlement and not just the press release. As part of the settlement, #Tether and @bitfinex admit no wrongdoing. 3/8
1
5
12
95
Remember that all of the CFTC's findings concern the period 2016 through February 2019. During that period, #Tether at times relied on other entities (e.g., @bitfinex) for assistance in holding its funds because of banking issues. 4/8
1
3
4
74
The CFTC only credits backing in bank accounts in the name of #Tether . The CFTC did _not_ find that tether tokens were not fully backed at all times -- simply that the reserves were not all in cash and all in a bank account titled in Tether's name at all times. 5/8
1
9
6
103
This is old news, and the CFTC’s order both recognizes that these issues were fully resolved when our disclosures were updated more than 2½ years ago and found no violations related to our current operations. 6/8
1
4
1
86
#Tether is fully backed, as our assurance attestations prove definitively. Tether has never refused a redemption to a customer. And Tether is now moving forward with audited financials, which for a long period were not available to us. 7/8
1
14
8
153
With a market cap of just shy of $70B, we look forward to continuing to provide our customers with the most innovative, liquid, and popular stablecoin. #Tether @Tether_to @bitfinex 8/8
0
8
1
172
I hope you & @Tether_to team reply; this is a real question: Q: thinking through scenarios about what happens next as crypto industry evolves it occurs to me @federalreserve will need to buy & redeem all $USDT to govern crypto liquidity. Do you agree? Does Tether anticipate this?
0
0
2
6
Well played team @bitcoinlawyer good battle ! It’s not easy being the first
0
0
0
4
The CoinDesk headline on the settlement was very misleading. I assume purposely.
1
0
0
5
You assume correctly.
0
0
0
8