Judge Katherine Polk Failla of the United States District Court for the Southern District of New York has ordered Tether to produce financial documents establishing it has one U.S. dollar of reserves for each USDT stablecoin it’s issued. The order is part of a $1.4 trillion class-action suit filed by five traders who allege Tether issued USDT as part of a plan to inflate the price of Bitcoin. Tether calls it "a routine discovery matter in a meritless case." At the top of today’s Real Vision Crypto Daily Briefing, Ash Bennington and Marco Olivera assess the significance of the order and explain why the composition of Tether's reserves is one of the biggest controversies in the crypto space. Ash and Marco also talk about a bill in the U.S. House of Representatives that would ban algorithmic stablecoins for two years and the launch of Iran’s digital rial. Price action is the focus of today’s deep dive, as Ash and Marco consult the latest research from technical analyst Benjamin Cowen, the CEO of Into The Cryptoverse.
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