Ripple executive dismisses the allegation of spreading FUD around Tether (USDT)

On May 15, 2024

Brad Garlinghouse said that his intention was not to spread any kind of fud about Tether stablecoin, instead, he was trying to say what he believes in the current scenario.

Brad Garlinghouse is CEO of the San Francisco headquartered fintech firm Ripple. Ripple has been under huge legal hurdles since Dec 2020 with the United States Securities and Exchange Commission (SEC). So far, the legal battle is active and legal experts believe that Ripple is standing in a better position against the SEC charges.

Just a couple of days ago we reported that Ripple CEO Garlinghouse said in an interview that the US financial regulators may target top stablecoin firm Tether (USDT). Later in response, Tether CEO Paolo Ardoino said that the information provided by Garlinghouse was inaccurate and also alleged that he was trying to spread negativity around USDT stablecoin users.

Now in the latest, Ripple CEO responded to Tether CEO’s allegations and said that he never tried to spread any misleading information around Tether & said what he believed.

Gralinghouse again tried to explain that Tether is a very big stablecoin & very important part of the crypto sector, so there are huge chances that the regulators may target it.

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I wasn’t attacking Tether…the next words out of my mouth during the podcast were that I view Tether as a hugely important part of the ecosystem. My point was that the US govt has clearly indicated they want more control over USD-backed stablecoin issuers, and thus, Tether, as…
— Brad Garlinghouse (@bgarlinghouse) May 13, 2024

However Ripple critics alleged that the Ripple CEO trying to spread fear among the USDT users but many crypto advocates supported Ripple CEO because the whole crypto community saw how the US SEC initiated a legal battle against many big crypto players, even though the majority of them were providing crypto services under full compliance.

Now it will be interesting to see the next crypto firm that will face lawsuit action. According to some experts, the SEC body may soon initiate a lawsuit against stock & crypto platform Robinhood, which is known for highly restricted & regulated crypto trading services.

Last week, the US SEC sent a Wells Notice to the Robinhood team over providing unregistered crypto securities trading on the Robinhood platform.