Bitcoin and all the other digital cryptocurrencies out there have had a massive year so far, with several of them reaching new all-time high valuations. Bitcoin’s latest high was just above $69,000 a few days ago, but other digital tokens have witnessed similar surges this year. As more money poured in digital coins and more companies started buying bitcoin, scrutiny from US regulators intensified. Some of the most notable developments include the SEC’s lawsuit against Ripple and the bitcoin tax provisions in the infrastructure bill. Joining the list is a new US Congress investigation of Tether.
That’s a company that issues a digital US dollar cryptocurrency of the same name that has no connection with the US government. It’s a “stablecoin” pegged to the dollar, meaning that a single tether will always have a value of one dollar. But, with a tether supply of $73 billion, regulators are increasingly concerned about this particular stablecoin.
The post Here’s why Congress is so worried about the Tether stablecoin appeared first on BGR.
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