The custodian holding most of Tether's reserves now has a Senate deadline.
📌 What happened
Sen. Richard Blumenthal sent Cantor Fitzgerald a 13-item request for information dated October 8, per Decrypt. Cantor must answer by October 23 and preserve all records tied to its Tether relationship.
🔍 Why it matters
• Cantor holds reserves backing $USDT, the largest stablecoin with about $184B in market cap, per CoinGecko
• The letter asks how Cantor checks Tether's sanctions and anti-money-laundering compliance
• It cites reports that Cantor's 5% Tether stake grew from $600M to an estimated $10B
👀 What to watch
• Whether Cantor responds publicly by October 23
• Counterpoint: this is a request, not a subpoena, and Decrypt notes the letter does not accuse Cantor of breaking a specific law
💬 Does political scrutiny of stablecoin custodians change how you view the risk of holding them?
#Tether #Stablecoins
📌 What happened
Sen. Richard Blumenthal sent Cantor Fitzgerald a 13-item request for information dated October 8, per Decrypt. Cantor must answer by October 23 and preserve all records tied to its Tether relationship.
🔍 Why it matters
• Cantor holds reserves backing $USDT, the largest stablecoin with about $184B in market cap, per CoinGecko
• The letter asks how Cantor checks Tether's sanctions and anti-money-laundering compliance
• It cites reports that Cantor's 5% Tether stake grew from $600M to an estimated $10B
👀 What to watch
• Whether Cantor responds publicly by October 23
• Counterpoint: this is a request, not a subpoena, and Decrypt notes the letter does not accuse Cantor of breaking a specific law
💬 Does political scrutiny of stablecoin custodians change how you view the risk of holding them?
#Tether #Stablecoins