Tether has stated claims by JPMorgan analysts with regard to his Bitcoin reserves and the ability to meet the upcoming American Stablecoin regulations.
In a statement of February 13 CryptoSlateThe Stablecoin emittent confirmed that he closely monitors developments around the American Stablecoin regulations and is actively working on local supervisors.
Tether recognized continuous discussions about the proposed legislation, but claimed that it remains uncertain which legislative proposal, if applicable, will continue.
JPMorgan -analysis
JPMorgan -analysts suggested that if the proposed American stablecoin was determined, tether may have to liquidate some of his Bitcoin interests to meet new legal requirements.
The analysts indicated that assets such as Bitcoin, precious metals, company paper and secure loans can be influenced.
Two accounts are currently being assessed in the US Congress, including the Stablecoin transparency and the accountability for a Better Ledger Economy (Stable) act in the house and the guiding and the establishment of National Innovation for US Stablecoins (Genius) Act in the Senate.
These proposals try to sharpen the regulations for Stablecoin expenditure by introducing new license requirements, stricter risk management guidelines and revised reserve policy.
According to the proposed rules, certain assets may no longer be eligible as reserves. The evaluation of JPMorgan suggests that Tether’s reserves meet 66% of the requirements of the stable law and 83% of the criteria of the Genius Act.
Based on this, the analysts speculated that Tether may have to restructure his reserves to fully meet the regulations.
Tether responds
Tether has rejected these concerns and claimed that it has surplus assets, so that it can adapt to changing regulations, even under the most limiting scenarios.
The company emphasized its strong financial position and explained:
“Even in the most extreme scenario, JP Morgan discounts on the fact that Tether’s equity is more than $ 20 billion in other very liquid assets and generates more than $ 1.2 billion in profit per quarter by American treasury. Adjusting new requirements will be easy. “
Tether also took a wipe to JPMorgan, which suggests that the analysts can be frustrated about the failure of the bank to acquire Bitcoin at lower prices. The company also argued that JPMorgan Bitcoin and his USDT Stablecoin do not understand well.
Tether CEO Paolo Ardoinino added on X:
“JPM analysts are salt because they don’t have Bitcoin.”
According to CryptoSlate’s Data, USDT is the largest stablecoin with more than $ 140 billion market capitalization. According to the last quarterly report, the company has 83,758 BTC (equal to $ 7.8 billion).
State in this article
