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.
The Securities and Exchange Commission charged Gladius Network LLC with conducting an unregistered initial coin offering (ICO), even after the company self-reported themselves to the commission. Companies that fund through an ICO must register the coins as securities, the SEC clarified on Wednesday. Gladius will have to offer speculators a refund.