Tether Sued for Allegedly Freezing $42M Before a Warrant

**Jennifer Sanasie** (0:00)
Tether sued for freezing $42 million before a warrant existed, and the SEC eyes round the clock trading for all of Wall Street. This is CoinDesk Daily.
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RealFi, a smarter stablecoin backed by real world assets. Join the testnet now at realfi.co. Two Thai businessmen are suing Tether, alleging the stablecoin issuer froze 42.4 million USDT months before US authorities had a warrant to seize it. They say Tether blocked the tokens across 10 Ethereum addresses, acting on an informal request from a law enforcement agent before a warrant was issued. Tether called the suit baseless, saying it's an attempt to interfere with its work alongside global law enforcement. The funds are tied to a wider Justice Department probe into more than 61 million in USDT, allegedly stolen through pigbuttering scams. US spot XRP ETFs have now logged 11 straight days of inflows, pulling in about $170 million even as XRP has cooled from its late August rally. Cumulative net inflows since launch now sit at around $1.68 billion.
Goldman Sachs was the largest disclosed institutional holder at the end of Q2, with about $87 million of exposure. But that likely stems from market making and client orders, not a directional bet on XRP. And the SEC has set the agenda for its September 17th roundtable on 24-hour trading, bringing the NYSE, NASDAQ, Citadel Securities, DTCC and Robinhood. Round-the-clock trading is normal for crypto, but it would be a profound shift for the rest of Wall Street. The SEC also proposed a rule redefining transfer agents to account for blockchain, letting chains serve as official records of securities ownership. Get more updates on coindesk.com. Want trusted crypto research? Check out the stack, Grayscale's blog. Visit grayscale.com/thestack.
RealFi, a smarter stable coin backed by real world assets. Join the testnet now at realfi.co.