Bitfinex, Tether legal sago over, $18M Settlement

Wow, after 2 years, it’s over. Bitfinex and Tether admit no wrong-doing, yet still get fined $18m. It’s a drop in the bucket compared to what could have come to pass. The NY AG gets quarterly reporting on Tether’s reserves, something the NY AG was already getting as part of the inquiry. The firms also need to include any transfers between the two companies. But now I assume the public will be able to get a glimpse of the information, or at least a confirmation that the NY AG sees no ongoing issues or discrepancies.

This puts to bed, at least for the next 2 years, the rumor mill about the backing of USDT.

It is unclear though who will prepare the quarterly statements, whether it’s done in-house or through the use of a 3rd party auditor. But the mechanism must be enough for the NY AG not to have to specify how the information is prepared.

Definitely bullish news for the crypto markets at large.