{"id":13508,"date":"2024-05-14T18:10:22","date_gmt":"2024-05-14T15:10:22","guid":{"rendered":"https:\/\/forklog.com\/en\/ripple-ceo-denies-attacking-tether\/"},"modified":"2024-05-14T18:10:22","modified_gmt":"2024-05-14T15:10:22","slug":"ripple-ceo-denies-attacking-tether","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/ripple-ceo-denies-attacking-tether\/","title":{"rendered":"Ripple CEO Denies Attacking Tether"},"content":{"rendered":"<p>Ripple CEO Brad Garlinghouse clarified that his recent comments on the World Class podcast were not an attack on USDT, contrary to how Paolo Ardoino, the head of the stablecoin issuer, portrayed them.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">I wasn\u2019t attacking Tether\u2026the next words out of my mouth during the podcast were that I view Tether as a hugely important part of the ecosystem. My point was that the US govt has clearly indicated they want more control over USD-backed stablecoin issuers, and thus, Tether, as\u2026<\/p>\n<p>\u2014 Brad Garlinghouse (@bgarlinghouse) <a href=\"https:\/\/twitter.com\/bgarlinghouse\/status\/1790035280453644305?ref_src=twsrc%5Etfw\">May 13, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Garlinghouse had noted that it seemed evident to him that US authorities intended to pursue Tether.<\/p>\n<p>In response, the company&#8217;s CEO Ardoino published a <a href=\"https:\/\/twitter.com\/paoloardoino\/status\/1789921257632207233\">lengthy post<\/a>, beginning with the assertion:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cAn uninformed CEO, leading a company under investigation by the <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span>, <a href=\"https:\/\/forklog.com\/en\/news\/ripple-sets-timeline-for-launch-of-its-own-stablecoin\">launching<\/a> a competing stablecoin (<span data-descr=\"\"Who benefits?\" in Latin\" class=\"old_tooltip\">cui prodest<\/span>) is sowing fear about USDT.\u201d<\/p>\n<\/blockquote>\n<p>He went on to detail Tether&#8217;s cooperation with law enforcement and regulators in various countries, the firm&#8217;s efforts to comply with regulatory rules, and the <a href=\"https:\/\/forklog.com\/en\/news\/tether-to-block-payments-evading-sanctions\">sanctions regime<\/a>.<\/p>\n<p>Ardoino&#8217;s accusations against Garlinghouse were supported by well-known Bitcoin advocate and CEO of JAN3, Samson Mow.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">So Ripple, who paid Greenpeace $5 million to FUD <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a>, is now actively spreading FUD about Tether to try to get traction on their own stablecoin. Not a surprise at all. <a href=\"https:\/\/t.co\/yTP91GOKLk\">https:\/\/t.co\/yTP91GOKLk<\/a><\/p>\n<p>\u2014 Samson Mow (@Excellion) <a href=\"https:\/\/twitter.com\/Excellion\/status\/1790093504519000509?ref_src=twsrc%5Etfw\">May 13, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cSo Ripple, which paid $5 million to Greenpeace for <span data-descr=\"fear, uncertainty, doubt\" class=\"old_tooltip\">FUD<\/span> against Bitcoin, is now actively spreading negativity about Tether to draw attention to its own stablecoin. Not surprising,\u201d he wrote.<\/p>\n<\/blockquote>\n<h2 class=\"wp-block-heading\">Ripple CEO Clarifies Misunderstanding<\/h2>\n<p>In his response to Ardoino, Garlinghouse emphasized that he referred to \u201cTether as a crucial part of the cryptocurrency ecosystem.\u201d<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cI meant to say that the US government has clearly indicated it wants more control over USD-backed stablecoin issuers and, thus, Tether, as the largest player, is in their sights,\u201d he added.\u00a0<\/p>\n<\/blockquote>\n<p>Some commentators were less conciliatory, recalling real concerns about Tether&#8217;s transparency.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Let me give you an update on <a href=\"https:\/\/twitter.com\/hashtag\/Tether?src=hash&#038;ref_src=twsrc%5Etfw\">#Tether<\/a> USDT ecosystem safety:<\/p>\n<p> \u2014 <a href=\"https:\/\/twitter.com\/hashtag\/Tether?src=hash&#038;ref_src=twsrc%5Etfw\">#Tether<\/a> has never been audited;<br \/>\u2014 $42.5 million fine by CTFC for lying about USD reserves;<br \/>\u2014 CEO doesn\u2019t do public interviews;<br \/>\u2014 Less than 30% of their USDT backed by real dollars. <br \/>\u2014 <a href=\"https:\/\/twitter.com\/hashtag\/Tether?src=hash&#038;ref_src=twsrc%5Etfw\">#Tether<\/a> is not only an indirect\u2026 <a href=\"https:\/\/t.co\/icJTbyaUkb\">pic.twitter.com\/icJTbyaUkb<\/a><\/p>\n<p>\u2014 EDO FARINA ? XRP (@edward_farina) <a href=\"https:\/\/twitter.com\/edward_farina\/status\/1790010102629454082?ref_src=twsrc%5Etfw\">May 13, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>CEO of Alpha Lions Academy Eduardo Farina noted that the USDT issuer:<\/p>\n<ul class=\"wp-block-list\">\n<li>has never been audited;<\/li>\n<li>paid a $42.5 million fine to the <span data-descr=\"U.S. Commodity Futures Trading Commission\" class=\"old_tooltip\">CTFC<\/span> for lying about reserve sizes;<\/li>\n<li>the CEO does not give public interviews;<\/li>\n<li>less than 30% of the company&#8217;s stablecoin is backed by real money.<\/li>\n<\/ul>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cTether is not only a hidden financial pyramid but also an operation for issuing counterfeit dollars. \u2026Do not be mistaken in thinking this is a coincidence: their logo is an atomic bomb,\u201d he concluded.<\/p>\n<\/blockquote>\n<p>Farina also suggested that Ardoino&#8217;s unexpected reaction to Garlinghouse&#8217;s remarks was driven by real concerns about competition from Ripple. He was <a href=\"https:\/\/twitter.com\/MicahPW20\/status\/1789993835256328313\">not alone<\/a> in this opinion.<\/p>\n<h2 class=\"wp-block-heading\">Does Tether Always React Strongly to Company Mentions?<\/h2>\n<p>Earlier, Deutsche Bank Research analysts concluded that most stablecoins are doomed to lose their peg and disappear. The report mentioned USDT as the largest coin in the segment.<\/p>\n<p>Tether stated that the document \u201clacks clarity and substantial evidence,\u201d relying on \u201cvague assertions rather than rigorous analysis.\u201d Ardoino posted this argument from the statement on X:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe history of fines and sanctions against Deutsche Bank raises doubts about its ability to criticize other industry players. The International Monetary Fund called the institution the most risky bank in the world.\u201d<\/p>\n<\/blockquote>\n<p>In January, Tether <a href=\"https:\/\/forklog.com\/en\/news\/tether-responds-to-un-experts-allegations\">expressed disappointment<\/a> with the UN&#8217;s assessment of USDT&#8217;s use in illegal activities and the neglect of the asset&#8217;s role in developing economies in response to a <a href=\"https:\/\/forklog.com\/en\/news\/un-highlights-usdts-role-in-money-laundering-schemes\">report published by the organization<\/a>.<\/p>\n<p>Analysts at JPMorgan <a href=\"https:\/\/forklog.com\/en\/news\/jpmorgan-highlights-risks-to-industry-from-tethers-dominance\">highlighted the risks<\/a> of USDT&#8217;s dominance for the stablecoin segment and the cryptocurrency ecosystem as a whole.<\/p>\n<p>Bank specialists also believe that as a result of the implementation of stablecoin regulation in the US, Tether&#8217;s market share in the country will <a href=\"https:\/\/forklog.com\/en\/news\/jpmorgan-highlights-us-regulatory-influence-over-tethers-usdt\">decrease in favor of competitors<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ripple CEO Brad Garlinghouse clarified that his recent comments on the World Class podcast were not an attack on USDT, contrary to how Paolo Ardoino, the head of the stablecoin issuer, portrayed them. I wasn\u2019t attacking Tether\u2026the next words out of my mouth during the podcast were that I view Tether as a hugely important [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13507,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1274,1150,112,807,1245],"class_list":["post-13508","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-brad-garlinghouse","tag-news-plus","tag-ripple","tag-stablecoins","tag-tether-usdt"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/13508","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=13508"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/13508\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/13507"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=13508"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=13508"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=13508"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}