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VanEck Director Calls to Protect Tether and Bitfinex: "Stop the witch hunt!"

  •  Denis Sinyavskiy
    ๐Ÿ“ฐ News

    After a $1.4 trillion class-action lawsuit against Tether has been filed, VanEck director Gabor Gurbacs spoke out in defence of the company.

VanEck Director Calls to Protect Tether and Bitfinex: "Stop the witch hunt!"
Cover image via www.123rf.com

On October 6, a class-action lawsuit was filed against Tether from Roche Freedman LLP, which claims that the actions of the aforementioned stablecoin issuer caused $1.4 trillion worth of damage. VanEck Director Gabor Gurbacs reacted to this event on his twitter.

The statement in defence of Tether turned out to be quite strong and unexpected for many members of the crypto community. With the strongest commentators, Gabor Gurbacs even entered into a discussion.

Where it all comes from

Recall that two days ago, Tether and Bitfinex published announcements in which they declared their readiness to challenge any false charges, the purpose of which is only extortion, and not justice or the search for the truth. The next day, a lawsuit in the amount of $1.4T was filed against the company, accusing Tether of market manipulation. 

Nevertheless, the USDT issue continues successfully, which is confirmed by the tweets of cryptocurrency transactions tracking bot Whale Alert.

Look from a side

eToro senior market analyst Mati Greenspan also expressed his opinion regarding the validity of the charges against Tether. He said the following:

โ€œI'm not saying if these allegations are true or false, that's for the court to decide. What I will say is that in major financial institutions across the globe, the process of creating unbacked currency for the purpose of purchasing financial assets and propping-up market prices is simply known as common practice.โ€

โ€œSo if anyone is worried that the price of bitcoin has been 'pumped' please take a moment to think about the effects of a full decade of ample quantitative easing and other liquidity injections multiplied by the fractional reserve system and how this might've affected the value of stocks and bonds.โ€

As we can see now, this story is far from over, let's watch the development of it together.

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

  •  Denis Sinyavskiy
    ๐Ÿ“ฐ News

    Former US Congressman Ron Paul shares his thoughts on the possible creation of Fedโ€™s own cryptocurrency

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency
Cover image via www.123rf.com

Former US Congressman Ron Paul spoke on Fox Business and said that the Fed should not think about creating its own cryptocurrency.

Fedโ€™s Crypto: To Be or Not To Be?

Rumors have been circulating for the past few months about the Fed possibly creating own cryptocurrency. It is expected that a digital coin would become a competitor to its counterparts on the market, and may even replace fiat money. President Patrick Harker, President of the Federal Reserve Bank of Philadelphia, commented on such rumors at a recent conference:

โ€œIt is inevitable. I think it is better for us to start getting our hands around it.โ€

However, there has not been no official follow-up by the Fed towards a crypto exchange. While proponents of this idea believe such innovation is necessary, it is expected that the exchange could stop the current delays involving US bank transfers.

What do the opponents think about the Fed's own cryptocurrency?

The idea of โ€‹โ€‹creating the Fed's cryptocurrency has its opponents. This includes Ron Paul, who believes that the Fed is in a better position to stay away from digital coins and allow the private blockchain sector and payment platforms to resolve this discussion in real-time. What the Fed plans to do next is unclear, but the central bank may still enter the game.

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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