The post Can US Authorities Control Tether Amidst Its Growing Dominance? JPMorgan Analysts Hint appeared first on Coinpedia Fintech News
The banking giant JPMorgan has raised concerns about Tether possibly being controlled by U.S. authorities soon. Despite its offshore base, Tether’s dominance and regulatory challenges could reshape the stablecoin landscape in the States.
Tether’s Vulnerability to U.S. Authorities
JPMorgan’s report highlights the power of U.S. authorities, specifically the Office of Foreign Assets Control (OFAC), to indirectly influence Tether. Tether’s blocking of wallets associated with mixer Tornado Cash in compliance with OFAC sanctions exemplifies its susceptibility to U.S. regulatory pressure.
Nikolaos Panigirtzoglou, the lead of JPMorgan analysts, writes in a report on Thursday, “U.S. regulators can exert some control on Tether’s offshore usage via OFAC … Tether’s association with Tornado Cash, a privacy enhancement platform on the Ethereum n
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