According to a report from Bloomberg based on quotes from an unnamed source, The U.S. Commodity Futures Trading Commission (CFTC) has subpoenaed the company behind the controversial USDT token, a cryptocurrency exchange Bitfinex and Tether.
Tether, a company linked to Bitfinex which is based in the British Virgin Islands, had been working on an audit with Friedman LLC. However, the companies relationship has reportedly “dissolved” recently.
Tether claimed that its USDT token was backed on a 1-to-1 ratio with the U.S. dollar – a claim disputed by the tokens critics.
Following the report about the subpoena, the price of bitcoin went below 10,000 USD.Tags: cftc, cryptocurrency
Whether you are a founder gearing-up for an ICO, a token-buyer or a crypto currency trader, subscribe to our newsletter to be informed of the latest legal developments impacting blockchain & cryptocurrencies in each and every jurisdiction