John Reed Stark, a former chief internet enforcement officer in the US Securities and Exchange Commission (SEC), has described Tether, the issuer of the largest stablecoin USDT, as a Ponzi scheme.
Stark called Tether a Ponzi scheme while reacting to an interview by CNBC with the company’s co-founder Reeve Collins, asking about its reserve. The ex-SEC official believes Tether’s ‘lack of responsiveness’ make him the Web3 firm ‘is a house of cards.’
Source: Cryptocurrency - investing.com
