Post
Topic
Board Speculation
Merits 6 from 3 users
Re: Tether will pay $41 million over ‘misleading’ claims it was fully backed by US d
by
marcus_of_augustus
on 15/10/2021, 18:17:57 UTC
⭐ Merited by El duderino_ (3) ,JayJuanGee (2) ,Hueristic (1)
https://www.theverge.com/2021/10/15/22728253/tether-41-million-misleading-statements-fiat-currency-bitfinex-cftc


Quote
The CFTC said in a statement Friday that between June 2016 and February 2019, Tether misrepresented to customers and the cryptocurrencies markets that it had “sufficient US dollar reserves” to back every token when, in fact, its reserves were not fully backed the majority of the time.


.... this is hilarious, after more than a century of fractional reserve banking where mosr accounts held less than 10% reserves the "regulators" are suddenly all about enforcing full reserve banking

... roll on Full Reserve Banking, the way of the future