Brock Pierce who is to run for presidency, has probably picked a bad time.
Does the candidate for US president have legal problems?
Brock Pierce is an independent candidate, well-known venture capitalists and Tether developer.
The Supreme Court of New York has decided that Bitfinex and Tether have to admit the fact of concealing losses of users’ and corporate funds amounting to $850 million.
Despite there were no formal charges for illegal actions or fraud against the crypto entrepreneur, in the light of directive to address all the issues associated with stablecoin, it can be argued that Pierce is not the best crypto ambassador and will hardly bring any legitimacy to the industry.
Unlike Bitcoin and other cryptos, Tether was the first stable coin which, as reported, was tied to real US dollars. Pierce has helped to develop a stablecoin to provide larger user access to crypto market since unlike traditional dollar, it can be instantly transferred while attempting to withdraw crypto. On the contrary, traditional banking services may take several days, and not the banks support such services.