Apparently, the specific news today is actually not news at all, but remnants of the ongoing tussle with U.S. authorities who simply won't let the crypto stablecoin go.
After fresh remarks from former Federal Reserve Chair Janet Yellen and Federal Reserve Chair Jerome Powell to the tune that stablecoins are bad, and a report from Fitch Ratings Inc. warning that they "could destabilize short-term credit markets," the U.S. Department of Justice (DOJ) has reportedly been investigating potential bank fraud.
Bloomberg has cited three anonymous sources, who say that the mission of the aforementioned DOJ probe is to see whether Tether misled several banks during their early days to obscure the fact that transactions were "linked to crypto." Do you believe that?
This is certainly not about justice, it's just politics. Digging up old dirt to cover up fresh concerns has never been a fruitful exercise, in my humble experience.
Thus far, the price of tether remains unchanged by the recent developments. One tether is still trading for one U.S. dollar on the open market.
Until that changes, there's no reason to think that any sort of legal action or dramatic headlines will have any impact on crypto pricing.
