Tether, which has promised an audit since at least 2017, says one is “likely months” away; former SEC exec: it needs an audit “akin to a corporate colonoscopy”
Many crypto companies lack basic financial guardrails; 'Tether needs an audit that's akin to a corporate colonoscopy' Tweets: @jeffjohnroberts , @warrendavidson , and @jessefelder Tweets: Jeff Roberts / @jeffjohnroberts : Tether doesn't just need an audit, it needs a “corporate colonoscopy” Funny quote but points to a serious problem in crypto: lack of trust b/c firms keep using BS “attestations” in lieu of real audits https://www.wsj.com/... Warren Davidson / @warrendavidson : The @FinancialCmte needs legal clarity for stablecoins. The architecture of our FinTech infrastructure is becoming untethered because of inaction by Congress and selective regulation by enforcement from the SEC and others. https://www.wsj.com/... via @WSJ Jesse Felder / @jessefelder : ‘Tether is the only major stablecoin to include digital tokens as a significant part of its reserves. This is particularly important to investors because its thin cushion of equity means a 0.3% fall in assets could render Tether technically insolvent.’ https://www.wsj.com/...