Tether Expresses Disappointment with UN Report
Tether, a major player in the crypto industry, has responded to a United Nations (UN) report that accuses its stablecoin, USDT, of involvement in illicit activities. The company expressed disappointment with the UN’s assessment, arguing that it unfairly focuses on USDT’s alleged connections to illicit activities while overlooking its positive impact on developing economies in emerging markets.
In defense of its position, Tether highlighted its collaboration with global law enforcement agencies such as the Department of Justice (DOJ), the Federal Bureau of Investigation (FBI), and the United States Secret Service (USSS). The company claimed that its monitoring measures surpass traditional banking systems and freeze millions of dollars to tackle criminal use of crypto assets.
Tether Challenges UN Report
Tether emphasized that the UN’s assessment overlooks the traceability of Tether tokens and the established track record of collaboration between the company and law enforcement. Instead of solely focusing on risks, Tether suggested that the UN should consider discussing how centralized stablecoins like USDT could enhance efforts to combat financial crimes.
The UN Office for Drugs and Crime (UNODC) recently released a report addressing the use of crypto assets in illicit activities and underground banking. The report specifically identified USDT as a prominent instrument for money laundering within Southeast Asia and the Pacific region.
Calls for Broader UN Discussion
Tether believes there are still opportunities to address financial crimes on blockchain platforms and encourages the UN to engage with the industry to implement contemporary strategies. The company expressed willingness to collaborate on such initiatives and believes that an expanded understanding of blockchain technology is vital in fighting financial crime.
“We believe the UN could benefit from an expanded understanding of blockchain technology and the immense improvements it offers with respect to fighting financial crime. We encourage a proactive learning approach and are happy to support the UN in gaining more understanding.”
Hot Take: Tether Responds to UN Report Accusing USDT of Illicit Activities
Tether, a major player in the crypto industry, has expressed disappointment with a recent UN report that accuses its stablecoin, USDT, of involvement in illicit activities. Tether argues that the report unfairly focuses on these allegations while overlooking the positive impact of USDT on developing economies. The company defends its position by highlighting its collaboration with global law enforcement agencies and its monitoring measures that surpass traditional banking systems. Tether suggests that the UN should consider how centralized stablecoins can enhance efforts to combat financial crimes. Despite the criticism, Tether believes there are opportunities for the UN and the industry to collaborate and implement strategies to address financial crimes on blockchain platforms.
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