In a published report, JPMorgan analysts claimed that the Office of Foreign Assets Control (OFAC), affiliated with the US Treasury Department, could regulate Tether (USDT), even though it is a US institution.

In relation to this topic, Tether CEO Paolo Ardoino in his statement, mentioned that JPMorgan’s concerns are more related to their envy towards the evolution of financial and payment services, and that current concerns which have been ignored for a decade are now receiving much more attention.

He added to his statements, saying, “If I were in their place, I would be more worried about the $39 billion in penalties.”

Ardiono, in early February, objected to JPMorgan’s statement that the increased use of Tether was a negative situation and described the banks’ attitude as “hypocritical”.

According to JPMorgan analysts, the use of Tether is expected to decrease with upcoming stablecoin regulations. Additionally, they suggested that regulations in Europe could also create pressure on Tether, and therefore the DeFi sector might face difficulties in the future period.

You May Be Interested: Cathie Wood’s Spot Ethereum ETF Statement

Also, in the comment section, you can freely share your comments and opinions about the topic. Additionally, don’t forget to follow us on Telegram, YouTube and Twitter for the latest news and updates.

The post Statement on Tether from JPMorgan Analysts! appeared first on Coin Engineer.