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Tether Responds to UN Report with a Call for Enhanced Blockchain Understanding and Collaboration

Published: January 16, 2024

Written by:barnaby

Reacting to a UN report that criticized its USDT token’s involvement in illicit activities, Tether has called for a more nuanced understanding of blockchain technology. Emphasizing its extensive efforts in aiding law enforcement and combating financial crimes, Tether highlights the need for blockchain education and collaborative strategies.

Tether has issued a strong response to a recent United Nations report that criticized the USDT token’s alleged involvement in illicit activities. Disappointed by what it perceives as a one-sided view, Tether emphasizes the significant role USDT plays in aiding developing economies, often ignored by traditional financial systems due to unprofitability concerns.

Central to Tether’s defense is its collaboration with various global law enforcement agencies, including the Department of Justice (DOJ), Federal Bureau of Investigation (FBI), and the recently joined United States Secret Service (USSS). This partnership, according to Tether, ensures an unparalleled level of monitoring, surpassing that of traditional banking systems, which have historically been prone to money laundering.

Tether points to the inherent traceability of transactions on public blockchains as a deterrent to illicit activities. This traceability is exemplified by Tether’s actions in freezing over US$300 million in recent months, showcasing its commitment to curbing the misuse of cryptocurrencies. The company has also developed a tool with Chainalysis to monitor secondary markets, further solidifying its dedication to community protection.

The response criticizes the UN report for ignoring these aspects of Tether’s operations and the broader traceability of blockchain transactions. Tether suggests that the report should have also explored how centralized stablecoins like USDT can aid in anti-financial crime efforts. It stresses the importance of working together to halt financial crimes on blockchains and expresses willingness to collaborate

on the issue with the United Nations.

The statement further highlights Tether’s frustration over the lack of acknowledgment for its traceability and collaboration record. Tether argues that the UN’s analysis fails to recognize the significant strides made in transparency and crime prevention through the use of Tether tokens. The company believes that a more comprehensive understanding of blockchain technology and its capabilities is crucial in evaluating its impact on financial systems, both traditional and emerging.

In concluding its response, Tether extends an open invitation to the United Nations for a collaborative dialogue. This gesture echoes Tether’s successful partnerships with various global law enforcement agencies and reflects its commitment to promoting transparency and accountability in digital currencies. The company remains steadfast in its mission to bridge the gap between traditional finance and the innovative world of blockchain, advocating for a more informed and collaborative approach to understanding and leveraging this transformative technology.

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