Yes, it will drive the price of the market down cause alot of traders will choose to move their trading holding out of exchange while some will decide to sell for stable coin before they move theirs and alot of trading platform will be extra careful this day. Besides, i saw an article that says Tether publicly provided their reserved holding for the first time though I don't read the article but i believe the IRS investigation about Binance is what causes it.

This will be a big deal for centralized exchange that are guilty but won't for those that are not.