Tether is a well-known cryptocurrency, with a market cap of $10 billion. The history of this cryptocurrency dates back to 2014. Interestingly, the person who created this cryptocurrency made an important announcement recently. According to this announcement, Brock Pierce is running for President of the United States.
Interestingly, Pierce created the tether currency as a way for crypto investors to quickly enter and exit a position. People should take into consideration that, unlike Bitcoin and other cryptocurrencies, tether was meant to have a stable price, backed by a one-to-one relationship with real U.S. dollars.
It is worth mentioning that, in 2018, questions about this cryptocurrency started to circulate and a predecessor of the state attorney general of New York, Letitia James, decided to launch the investigation. However, Tether, as well as Bitfinex, filed an appeal resulting in a temporary halt of the investigation.
Tether and New York Appeals Court
Recently, a New York appeals court gave the green light to the New York State’s attorney general. Now, they will be able to investigate several businesses behind this cryptocurrency. Currently, there are no formal accusations of fraud or illegal activities.
The appellate division of New York’s Supreme Court’s decision could have a serious impact on this cryptocurrency.
Tether Holdings Limited and the Bitfinex cryptocurrency exchange wanted to dismiss subpoenas before appealing, but respondents were unable to reach their goals.
Nevertheless, a representative of the New York State Attorney General neither confirmed nor denied that investigation has something to do with Brock Pierce.
The case involves BFXNA Inc. as well as BFXWW Inc., wholly-owned subsidiaries of iFinex. Let’s have a closer look at iFinex. It operates the Bitfinex cryptocurrency exchange as well as Tether Holdings Limited. Interestingly, Tether Holdings Limited is the holding company for Tether Limited, Tether Operations Limited, and Tether International Limited.
Last but not least, the outcome of this investigation could impact any number of countless owners of the tether cryptocurrency.