“Digital Assets and the Future of Finance: President’s Financial Markets Working Group stablecoin Report”, an interesting comment came from congressman Warren Davidson.
Speaking to The Block, the senator is the biggest backbone of the cryptocurrency markets. stablecoin Tether (USDT) He called it “a ticking time bomb”.
Drawing attention to the financial risks posed by stablecoins, Davidson said;
“Tether for example, this is a ticking time bomb. There is no transparency or satisfactory explanation there. They say they have commercial documents (as the equivalent of USDTs) but don’t explain exactly what it is.
At this point, I think that a legal framework that will make transparency mandatory will provide investor protection.”
with the SEC Ripple Referring to some of the decisions made in the case between the senator, the Senator said, “Regulators should wrap their arms around Tether. Frankly, there are more reasons for the SEC to look at Tether than at Ripple and XRP.” said.
Tether printed recently USDT’Although it has had the independent auditors prepare a report on the compensation for the payments, the lack of transparency regarding the provisions continues to be criticized.
You can watch the session titled “Digital Assets and the Future of Finance: The President’s Financial Markets Working Group’s Stablecoin Report” ongoing in the House of Representatives at the link below.