Don’t really get you guys saying Tether should be shut down… the big banks get routinely fined with much bigger fines for much bigger crimes, are we gonna shut them all down then?
At least Tether did not steal from nor defraud anyone.
Just as a random example: <a href="https://www.justice.gov/opa/pr/jpmorgan-chase-co-agrees-pay-920-million-connection-schemes-defraud-precious-metals-and-us" rel="nofollow">https://www.justice.gov/opa/pr/jpmorgan-chase-co-agrees-pay-...</a>
I am blown away. 61.5 million dollars for $68,536,825,819 (68 billion dollars.) Maybe not the same in 2017 but damn, how does this even work without anyone panicking?
> there was never more than $61.5 million backing Tether, even as more 442 million coins were circulating at one point.<p>Ah, pulling the classic "fractional reserve" I see.
See also <a href="https://news.ycombinator.com/item?id=28878874" rel="nofollow">https://news.ycombinator.com/item?id=28878874</a>, which (currently, at least) has more extensive discussion.
The CFTC claims to be helping end-customers by doing this kind of thing, but it is really taking money that could have been distributed off the table. Fining (and perhaps requiring the dismissal of) Tether's corporate officers would likely instill more discipline, but fining the company just hurts the customer.