Tether And Bitfinex Legal Victory: A Sign of Maturity for Crypto Industry?

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It is a big Victory for Cryptocurrency World, an American District court has dismissed an lawsuit filed against Tether and Bitfinex. Lawsuit, that was filed against them is the year 2019, the blame was that Tether and Bitfinex are engaged in fraud and manipulation in the market.
The  Decision was based on many factors, including the fact that the accuser was unable to present the documents in support of his claim. Court also found that accuser was unable to present the claim, which can be relieved.

Dismissal of lawsuit is a big win for tether and Bitfinex, because now they are clear and doubt on their businesses is cleared off. It is also an positive development for the Cryptocurrency world, because it sends an sign that court is not against the Cryptocurrencies.

Background of Tether And Bitfinex Lawsuit

Tether is an stable coin ,which means it is designed to connect with American dollar. With market capitalisation of $70 billion,  it is most trade-able stable coin. Bitfinex is one of the major cryptocurrency exchanges in the world.

The lawsuit against Tether and Bitfinex was filed by a group of investors in the year 2019, they claimed that companies are making fraud and manipulating the market. Accuser claimed that Tether is not fully backed by US dollar, and Bitfinex has used tether to manipulate the price of Bitcoin.

The Court’s Decision

Court has dismissed the lawsuit in the 22 pages decision. The Court has found that the accuser do not have any proof in the support of his claim. Court also found that accuser was unable to present the claim, which can be relieved.

The  Decision was based on many factors, including the fact that the accuser was unable to present the documents in support of his claim. Court also found that accuser was unable to present the claim, which can be relieved. Court told that the accuser believed on many newspaper articles and blog posts, but they did not had any dependable proof in support.

Second,  The court found that the accuser failed to state a claim on which relief could be granted.

The Importance of Stable coins

Stable coin is a cryptocurrency which connects the American dollar with fiat currency. They are designed to be less volatile as compared to the cryptocurrency,and mostly they are used to store value or for the purpose of doing payment.

Cryptocurrency exchange is growing rapidly in recent years, while it is obsessed with volatility. This volatility has made cryptocurrency unacceptable for  merchants to accept it as payment and also it has become risky for investors.

Stable coins can solve out this problem. Being linked to fiat currency, Stable coin provide an degree of stability which is not provided by other cryptocurrencies. It makes them more attractive for investors and merchants, it also helps to encourage the usability of cryptocurrency widely.

The Future of Stable coins

Legal Win of Tether and Bitfinex is a big step for cryptocurrency world. It validates the use of stable coins and removes the name of Tether from any of the Wrong work. It will encourage the use of stable coins widely, and the cryptocurrency industry will be more regulated.

The future of stable coin is unclear, but they have ability to play an important role in cryptocurrency’s future. They helps Crypto to Stabilise and  to make them acceptable widely , and will boost the use of cryptocurrencies in daily life work.

The Implications for the Crypto Industry

The legal win of Tether and Bitfinex will affect many factors of cryptocurrency industry. First,  it will help in regaining trust in the cryptocurrency market, which was rocked by many high profile hacks and scams. Second, it will result in more regulated  industry, because regulators want to save investors from scams and frauds. Third, It will help in acceptance of cryptocurrency widely,As businesses and investors become more comfortable with the technology.

Only time will tell the long term effect of legal win of Tether and Bitfinex . While, it is clear that it is an important step for cryptocurrency world, and in future it will strengthen the path of using Cryptocurrency widely.

Conclusion

The legal victory of Tether and Bitfinex is an big win for the Cryptocurrency industry. It validates the use of stable coins and clears the name of tether in any wrong work.
It will encourage the use of stable coins widely, and the cryptocurrency industry will be more regulated.  The future of stable coin is unclear, but they have ability to play an important role in cryptocurrency’s future. They helps Crypto to Stabilise and  to make them acceptable widely , and will boost the use of cryptocurrencies in daily life work.

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