Tether had made "untrue or misleading statements"
The CFTC's announcement said Tether made "untrue or misleading statements and omission of material fact" related to its stablecoin USDT. Tether falsely represented that U.S. dollars fully backed USDT. The order requires the company to pay a $41 million penalty.The CFTC has also charged parent company iFinex with misconduct related to its crypto exchange Bitfinex. The order states that Bitfinex conducted "illegal, off-exchange retail commodity transactions" and operated as a futures commission merchant (FCM) without registering with the regulator. As a result, Bitfinex must pay a $1.5 million fine and be required to implement and maintain "additional systems reasonably designed to prevent unlawful retail commodity transactions."
Tether replied to the settlement
In an approving statement, CFTC Commissioner Dawn Stump supported the action and expressed concern that the settlement may give stablecoin users a false sense of security as they may mistakenly assume that the CFTC regulates stablecoins and monitors their issuers.Tether replied to the settlement stressing that it had maintained adequate reserves at all times. The company justified its decision to settle by saying it was "willing to resolve this matter in order to move forward and focus on the future."
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