Skip to main content

Five years ago, Tether Holdings, issuer of the eponymous not-so-stablecoin, made what seemed a fairly mundane and obvious promise: It would have its books checked by a bonafide auditor.

Like some of its other promises, notably that it would be unshakably pegged to the U.S. dollar—hence the misnomer stablecoin—Tether hasn’t quite been able to live up to its audit pledge. This is not for lack of accountants: Last year, it hired MHA MacIntyre Hudson’s Cayman Islands subsidiary to start offering quarterly attestations. These are not exactly audits, per se, but then again British regulators are looking into whether MHA can properly be called an auditor, precisely.

And, of course, Tether’s been pretty busy with some regulatory matters of its own: It’s been in federal crosshairs for only slightly less time that it’s been promising that audit, due to questions about how, exactly, it (usually) maintains that dollar peg, leading to last year’s $41 million CFTC fine—on top of the $18.5 million deal with New York State. Then, of course, it had to deal with the whole not-being-as-stable-as-promised, when $1 became $0.95 for a bit there. Now, however, maybe it’s time for that audit. Maybe.

BDO Italia took over Tether’s quarterly attestations in July.

Yes: Italia as in Italy. As is common for Hong Kong-based companies (allegedly) dealing in American dollars.

Tether said it is working toward releasing monthly attestation reports, but didn’t provide a timeline…. Tether declined to specify whether it will use BDO Italia for its long-promised full audit, which the company said is a priority.

Five years and counting for something most companies manage to do annually? Sure sounds like a priority.

Biggest Stablecoin Issuer, Tether, Switches Accounting Firm to BDO Italia [WSJ]

For more of the latest in litigation, regulation, deals and financial services trends, sign up for Finance Docket, a partnership between Breaking Media publications Above the Law and Dealbreaker.


By Mike Cauldwell ( [Public domain], via Wikimedia Commons

Tomorrow Is The Most Important Day Of The Year

For on that day, which shall go down in history, you shall gain the ability to trade bitcoins without trading bitcoins or even having bitcoins traded on your behalf.

By Mike Cauldwell ( [Public domain], via Wikimedia Commons

Fake Currency Purveyors Hoarding Lots Of Very Real Cash

Tether sees Coinbase’s $4 billion and raises it $63 billion.

merrick garland

Merrick Garland Gets Busy

The Justice Department has a new squad of crypto-cops, a new taste for white-collar criminal enforcement, a new demand for cyber-ransom notifications. And if you happen to know where all of Tether’s money is, it would appreciate a call on that, as well.


Biden Administration Asks Congress To Regulate Stablecoins, Meaning Stablecoins Will Go Unregulated

In a timely but ultimately meaningless coincidence, there’s also another crypto scandal brewing.

By Jdarsie11 [CC BY-SA 4.0 ], from Wikimedia Commons

The Mooch Has Big, Fake Things To Announce As His Less-Big-Than-Usual Party

The highlight of this year’s SALT conference make by Skybridge’s latest attempt to lose money in crypto.


Charlie Munger’s Proudest Achievements Are Avoiding The Clap And Cryptocurrencies

They’re essentially one and the same to the Berkshire Hathaway number two.