CandleFocus Tether Boss Slams JPMorgan Over Call to Sell Bitcoin
2025-02-13
Author: Content Editor
Paolo Ardoino, CEO of Tether, has criticized JPMorgan for not owning Bitcoin and jokingly stated that Tether analysts believe JPMorgan does not have enough Bitcoin. This comes after JPMorgan suggested that Tether may have to sell its Bitcoin holdings to comply with new stablecoin regulations. The proposed STABLE bill could render 34% of Tether's reserves non-compliant. Tether currently holds $8 billion worth of Bitcoin, although some users argue that the holdings do not directly back the stablecoin. Tether faces regulatory scrutiny in the US but is supported by Howard Lutnick, CEO of Cantor Fitzgerald, who has been nominated as the next US Commerce Secretary. Lutnick's ties to Tether may make it less likely for the company to be forced to liquidate its Bitcoin holdings.
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