15 December 2023 – Tether, the biggest firm within the cryptocurrency trade, has made public its current letters to the members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs and the U.S. House Financial Services Committee. These letters element Tether’s dedication to combating illicit use of stablecoins.
Because the creator of the trade’s first, largest, most clear, and liquid stablecoin, Tether has created the monetary underpinning of the U.S. greenback within the crypto trade. Tether is dedicated to constructing sustainable and resilient infrastructure for the cryptocurrency ecosystem.
Tether’s current letters reaffirm the corporate’s persevering with efforts to help U.S. legislation enforcement and regulatory authorities of their efforts to fight terrorist financing and different illicit actions.
The November sixteenth letter (linked here) outlines Tether’s Anti-Cash Laundering (AML) and Know Your Buyer (KYC) insurance policies and requirements, and describes its proactive and in depth cooperation with legislation enforcement companies worldwide, together with the U.S. Division of Justice and the U.S. Secret Service.
The December fifteenth (linked here) letter lays out Tether’s proactive determination to align with the Workplace of International Property Management (OFAC) Specifically Designated Nationals (SDN) Listing, extending sanctions controls to the secondary market to make sure complete safety measures.The key factors highlighted within the letter embody:
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Tether’s launch of a wallet-freezing coverage on December 1, 2023, is a landmark initiative for enhanced safety and compliance inside the cryptocurrency ecosystem.
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The strategic freezing of wallets related to the SDN Listing is a strong transfer to safeguard customers and preserve the integrity of the stablecoin ecosystem.
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Tether’s energetic function in helping legislation enforcement companies, contains partnerships with the U.S. Division of Justice, U.S. Secret Service, and ongoing efforts to collaborate with the Federal Bureau of Investigation. This collaboration goals to fight unlawful actions and assist in fund restoration.
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Tether aspires to set new trade requirements by means of its dedication to safety, regulatory compliance, and assist for legislation enforcement, hoping to ascertain these practices as norms inside the cryptocurrency trade.
“Tether is grateful for the chance to handle the considerations raised by U.S. lawmakers, and we’re dedicated to persevering with Tether’s shut work with legislation enforcement within the U.S. and globally” said Paolo Ardoino, CEO of Tether. “Tether seeks to be a world class associate to the U.S. as we proceed to help legislation enforcement and increase greenback hegemony globally.”