Tether

Provide the Federal Reserve with explicit authority to issue a digital version of the U.S. Dollar, clarify that digital assets, digital asset securities and fiat based stablecoins are not U.S. legal tender, and provide the U.S. Treasury Secretary with authority to permit or prohibit US Dollar and other fiat-based stablecoins;

Tether’s CP holdings amounted to USD20.3 billion as of 31 March, while its consolidated assets totalled USD41 billion, and may be rising rapidly; total assets associated with its US-dollar linked stablecoin (USDT) reached USD62.8 billion on 28 June. These figures suggest its CP holdings may be larger than those of most prime money market funds (MMF) in the US and EMEA. A sudden mass

Paxos and Gemini are both Trust companies regulated by the New York State Department of Financial Services (“NYDFS”). Trusts are required to have their products and services approved and supervised by NYDFS. PAX, BUSD and GUSD are expressly approved by the NYDFS and supervised by the regulator on an ongoing basis. This means:

USDC and Tether reserves are not comprehensively overseen by any financial regulators.