⚯ Michel de Cryptadamus ⚯ on Nostr: American #SEC has filed suit against #TrueUSD / #TrustToken arguing that its reserves ...
American #SEC has filed suit against #TrueUSD / #TrustToken arguing that its reserves consisted of 99% illiquid offshore assets and it became unbacked by actual dollars ca. 2022.
While most people outside of #crypto have never heard of TrueUSD's token #TUSD (a competitor to #Tether's #USDT; see my pinned toot) it's worth understanding that TUSD was for most of a year the single most important #stablecoin and the one that was responsible for the *vast* majority of #bitcoin trades on by far the largest crypto marketplace, #Binance. The company is also rumored to be owned by the sketchiest guy in crypto, #JustinSun.
Put another way: the price of #Bitcoin was measured in TUSD, not real USD for most of last year. (Now it's measured mostly in an even sketchier stablecoin #FDUSD.)
link: https://www.sec.gov/files/litigation/complaints/2024/comp-pr2024-145.pdf
#Uspol #uspolitics #finance #markets #stockmarket #btc #garygensler #justinSun
While most people outside of #crypto have never heard of TrueUSD's token #TUSD (a competitor to #Tether's #USDT; see my pinned toot) it's worth understanding that TUSD was for most of a year the single most important #stablecoin and the one that was responsible for the *vast* majority of #bitcoin trades on by far the largest crypto marketplace, #Binance. The company is also rumored to be owned by the sketchiest guy in crypto, #JustinSun.
Put another way: the price of #Bitcoin was measured in TUSD, not real USD for most of last year. (Now it's measured mostly in an even sketchier stablecoin #FDUSD.)
link: https://www.sec.gov/files/litigation/complaints/2024/comp-pr2024-145.pdf
#Uspol #uspolitics #finance #markets #stockmarket #btc #garygensler #justinSun