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U.S. Regulators Send Tether and Bitfinex Subpoenas

There’s been a lot of discussion and controversy surrounding Tether (USDT) a digital asset that claims to be backed by the U.S. dollar. Now according to reports, the U.S. Commodity Futures Trading Commission has subpoenaed the cryptocurrency exchange Bitfinex and the company Tether for unknown reasons.

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The CFTC Sends Bitfinex and Tether a Subpoena

U.S. Regulators Send Tether and Bitfinex SubpoenasA lot of skeptics believe that the digital currency Tether USDT is not backed by the U.S. dollar and may have pumped the entire cryptocurrency economy during 2017’s phenomenal year. Just recently news.Bitcoin.com reported on Tether severing ties with its auditor, so cryptocurrency enthusiasts are still left in the dark regarding USDT’s so-called backing. Tether has still not proven that it holds $2.3 billion USD in reserves. Now according to the financial publication Bloomberg the CFTC had sent subpoenas to both Tether and Bitfinex on December 6, “a person familiar with the matter” explains.

Bitfinex and Tether Say Legal Requests Are Routine While the CFTC Declines to Comment

U.S. Regulators Send Tether and Bitfinex Subpoenas

Tether and Bitfinex did respond to a question regarding the subpoenas in an emailed statement sent to the news outlet.

“We routinely receive legal process from law enforcement agents and regulators conducting investigations,” explained Bitfinex and Tether representatives.

It is our policy not to comment on any such requests.

Furthermore Erica Richardson, a CFTC spokeswoman declined to comment on the subject Read More Here