The interview also highlighted concerns from industry-friendly Republicans about the negative connotations associated with Tether. For a while, there was unclear about what’s making the reserves at Tether.” For Tether, at least, the largest concerns usually start with the issues of audits and reserves. Hammond quoted, “Tether was always, at least in DC, viewed pretty negatively as well, and I’d say that those are the last kind of two big holdups right now. Despite recent efforts by Tether to address these concerns, doubts persist, especially regarding the use of platforms like Tron and Binance for financing malicious activities. Tether, according to Hammond, has been viewed negatively in DC, primarily due to issues related to audits and reserves. Tether’s Ongoing Challenges and Reputation He noted that these challenges are not unique to Binance but are also pertinent to Tether. Hammond spoke about the complexity of the situation, emphasizing the DOJ’s concerns about money laundering and sanctions violations. The discussion then pivoted to whether this settlement addresses all underlying issues. However, a significant development has occurred since, with Binance settling with the DOJ, a move marked by the stepping down of Binance CEO, Changpeng Zhao (CZ). This was exemplified by a letter from politicians French Hill and Senator Cynthia Lummis to the DOJ, specifically addressing concerns about Binance and Tether. Hammond highlighted that historically, Binance had faced reputation issues in DC, leading to heightened scrutiny. Binance’s Settlement with DOJ: A Turning Point? The conversation primarily focused on the recent settlement between Binance and the Department of Justice (DOJ), and the ongoing concerns surrounding Tether. In a recent interview with Tony of Thinking Crypto, Ron Hammond from the Blockchain Association shed light on the evolving dynamics between Binance, Tether, and regulatory authorities in Washington, DC.
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