New York State Attorney General Letitia James’ case against stablecoin issuer Tether and its sister company, cryptocurrency exchange Bitfinex got a few months longer today.
Binance launches stablecoin, challenging Tether’s dominance
The leading cryptocurrency exchange is seeking to expand the stablecoin market with its British pound-pegged BGBP
Leading cryptocurrency exchange Binance plans to launch a stablecoin within two months, in an apparent challenge to the dominance of scandal-plagued Tether.
Judge Joel Cohen orders New York Attorney General Letitia James to prove jurisdiction over Bitfinex and Tether
The New York State Supreme Court may throw out the charges if no New Yorkers were harmed
A court on May 22 ordered New York State Attorney General Letitia James to prove her office has the right to sue Bitfinex and Tether for fraud and securities law violations.
Bitfinex tells court Tether invested part of dollar reserves in Bitcoin
The revelation came in an attempt to dismiss a fraud and securities law violation suit brought by New York State Attorney General Letitia James
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.