The Tether stablecoin is backed in some part by bitcoins. David Miller, an attorney for Tether’s sister firm, cryptocurrency exchange Bitfinex, revealed in court last week that Tether has invested “a small amount” of the reserve dollars backing the tethers (USDt) in bitcoins (BTC). He added that the company had also invested in other undescribed assets.
Craig Wright’s much-derided claim to be Bitcoin creator Satoshi Nakamoto got a big boost from the U.S. copyright office today. On May 21, the wealthy nChain founder was granted copyright registration for the original whitepaper—”Bitcoin: A Peer-to-Peer Electronic Cash System”—as well as the original Bitcoin source code.
The Securities and Exchange Commission’s much heralded “plain English” guidance on what makes an ICO a security wasn’t the good news many people thought it was. That is, wrapped in nicer language, the conclusion reached on May 16 by the Wall Street Blockchain Alliance, which had 11 attorneys and its chairman, Ron Quaranta, studying the document for nearly six weeks.
It’s one of the worst kept secrets in crypto: The recent rally in Bitcoin came from a massive issuance of tethers.