United

<div class="finbold">
 <p class="paragraph">Representatives of Coinbase and Circle spoke at a United States Congressional hearing on February 15 and referenced concerns on Tether.</p>
 <p class="paragraph">First, Caroline Hill, Circle’s Senior Director of Global Policy and Regulatory Strategy, directly cited Tether, mentioning terrorism financing activities. Notably, Carolie Hill formerly worked for the U.S. Treasury Department as a Director of Terrorist Financing and Financial Crimes (TFFC) before joining Circle.</p>
 <p class="paragraph">In a video posted by <em>Pledditor</em> on X, Hill asks the Treasury Department to “use its authority” against companies with “U.S. touch points.”</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“I personally believe no company should be allowed to reference the U.S. Dollar without having those democratic values inside the company and inside their U.S. Dollar backed stablecoin. (…) I hope they [Treasury] are looking at this seriously given Tether’s reputation as well as the data we have seen that they are contributing to terrorist financing and other activities.”</p> <cite>– Caroline Hill</cite>
 </blockquote>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper">
   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">Wow, @Circle's Caroline Hill is really begging to congress for the treasury department to go after @Tether_to and their banking partner, Cantor Fitzgerald https://t.co/SmnAqeuEyB pic.twitter.com/oia8YxLvAI</p>— Pledditor (@Pledditor) February 15, 2024
   </blockquote>
  </div>
 </figure>
 <h2 class="wp-block-heading" id="h-coinbase-accuses-offshore-entities-of-playing-jurisdictional-wack-a-mole">Coinbase accuses offshore entities of playing ‘jurisdictional wack-a-mole’</h2>
 <p class="paragraph">Moreover, Grant Rabenn, Coinbase’s Director of Financial Crimes Legal, celebrated the exchange’s compliance with OFAC due to “proactive investigations.” Rabenn then mentioned how Coinbase’s competitors are a safe haven for “criminals who seek offshore platforms.”</p>
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 <blockquote class="wp-block-quote">
  <p class="paragraph">“Those offshore entities often play jurisdictional wack-a-mole, attempting to avoid though anti-money laundering rules and expecting their regulators won’t care.”</p> <cite>– Grant Rabenn</cite>
 </blockquote>
 <p class="paragraph">Interestingly, Coinbase is a shareholder of Circle and an active partner in USDC management. This stablecoin is the second-largest in the cryptocurrency market and a direct competitor to Tether’s USDT.</p>
 <p class="paragraph">In this context, Rho Rider commented on X that this might be the first time these companies directly named Tether <a rel="noopener noreferrer nofollow" title="publicly" href="https://thebittimes.com/tag/publicly.html">publicly</a>.</p>
 <h2 class="wp-block-heading" id="h-tether-responds-to-circle-s-and-coinbase-s-accusations">Tether responds to Circle’s and Coinbase’s accusations</h2>
 <p class="paragraph">Following the Congressional hearing, <em>CoinMarketCal</em> reported a provocative comment from Paolo Ardoino, Tether’s CEO, on February 16.</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“Misleading Congress is a shocking act of desperation, and those who do so should be ashamed of themselves. Spouting lies and running in Circles never gets you anywhere.”</p> <cite>– Paolo Ardoino</cite>
 </blockquote>
 <p class="paragraph">According to <em>CoinMarketCal</em>: “Ardoino continued that his company has done more than anyone else to combat illicit crypto activities and remains fully committed to continuing the fight.”</p>
 <p class="paragraph">With these last events, the market awaits further rivalry between the leading stablecoins issuers and their partner exchanges. Now, possibly with a might ally on Circle’s and Coinbase’s side – the U.S. Treasury Department.</p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/game-is-on-coinbase-and-circle-publicly-begs-congress-to-go-after-tether-tbt80099.html">https://thebittimes.com/game-is-on-coinbase-and-circle-publicly-begs-congress-to-go-after-tether-tbt80099.html</a></p>

Game is on? Coinbase and Circle publicly ‘begs’ Congress ‘to go after’ Tether

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