Senate committee demands answers from stablecoins including Tether
The U.S. Senate Committee on Banking, Housing, and Urban sent letters to various operators including Tether, Coinbase, and Binance, asking for more details on how the companies operate, and how they their currencies. In the letter, senators write, "stablecoins present investor protection risks and raise several market integrity concerns". Some worry that if Tether fails, it will collapse various cryptocurrencies and potentially disrupt traditional finance.