It is true that the entire year of 2020 had been the best for the cryptocurrency industry. Almost all the cryptocurrencies around the world gained success and a huge amount of adoption throughout the year. The cryptocurrency that benefited the most from the previous year was Bitcoin (BTC).
Bitcoin (BTC) has managed to gain so much success in the last year that it even surpassed the market capitalization of PayPal in the process. No matter the amount of success and growth any cryptocurrency may experience, still, Bitcoin (BTC) has remained at the top.
The second cryptocurrency to Bitcoin (BTC) was Ethereum (ETH) which is as popular among the cryptocurrency community as Bitcoin (BTC). However, when it comes to market capitalization, Bitcoin (BTC) has no match.
Then the third-largest cryptocurrency in the entire crypto-space throughout the year 2020 was Ripple (XRP). The currency managed to stay as the third top cryptocurrency exchange the entire year, only to be dragged down by the SEC. On December 18, 2020, the Securities and Exchange Commission of the United States made a shocking announcement against Ripple.
It announced that Ripple (XRP) was involved in selling its securities without even getting registered through the SEC. This resulted in almost every cryptocurrency exchange de-listing Ripple (XRP) from their platform.
Although the CEO of Ripple tried his best to assure users that it will prevail against SEC’s claims, yet the crypto-firms preferred to not take any risks. This resulted in Ripple losing its market capitalization by 93% and brought it all the way from $135 billion down to less than $10 billion.
After seeing Ripple taking such an enormous plunge, there are many cryptocurrencies that are now fearing the same from SEC. One such cryptocurrency network is Tether (USDT) whose users are currently losing it due to the ongoing Ripple (XRP) effect.
However, the CEO of Bitfinex, Paolo Ardoino has taken the matters into his own hands and addressed the entire Tether community surrounding the confusion. He spoke to all his followers through his Twitter account, where he assured them that Tether is under no threat from the SEC.
After the Ripple (XRP) allegation by the SEC, there were many Tether users who were afraid that it will be the next target by the SEC of the United States.
Ardoino cleared out all the confusion stating that Tether is known for being one of the most compliant crypto-assets. It fully complies with the Know-Your-Customer and Anti-Money Laundering regulations that have been put in place by the Financial Crimes Enforcement Network (FinCEN). The Financial Crimes Enforcement Network is headed by the Treasury Department of the United States.
He stated that play who say that Tether is unsafe and is not regulated enough then they are just mistaken and spreading rumors to defame Tether.