{"id":13012,"date":"2019-04-30T22:30:45","date_gmt":"2019-04-30T22:30:45","guid":{"rendered":"https:\/\/davidgerard.co.uk\/blockchain\/?p=13012"},"modified":"2019-05-02T16:12:59","modified_gmt":"2019-05-02T16:12:59","slug":"bitfinex-tether-and-the-ny-attorney-general-everything-is-fine","status":"publish","type":"post","link":"https:\/\/davidgerard.co.uk\/blockchain\/2019\/04\/30\/bitfinex-tether-and-the-ny-attorney-general-everything-is-fine\/","title":{"rendered":"Bitfinex, Tether and the NY Attorney General: EVERYTHING IS FINE"},"content":{"rendered":"

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In response to the New York Attorney General’s ex parte order against Tether and Bitfinex<\/a> last week, general counsel Stuart Hoegner and outside counsel Zoe Phillips of Morgan Lewis have filed a thunderous pair of affidavits just today \u2014 asserting that New York has no jurisdiction, none of Bitfinex or Tether’s actions are within the ambit of the Martin Act<\/a> … and that the $2.8 billion worth of tethers are only 74% backed:<\/a><\/p>\n

Tether has cash and cash equivalents (short term securities) on hand totaling approximately <\/span>$2.1 billion, representing approximately 74<\/span> percent of the current outstanding tethers.<\/span><\/p><\/blockquote>\n

Also, banks run fractional reserves, so Tether should totally be able to. Though they don’t want bank-style regulation, for some reason.<\/p>\n

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Why have I wasted my whole day off reading NYSD court filings<\/p>\n

— guglielmo (@Ben_Munster) April 26, 2019<\/a><\/p><\/blockquote>\n