... Islands) and is formally not subject to direct regulation by American regulators; however, its dollar reserves and significant user base in the US mean that indirect requirements may apply to it. American agencies have already taken action: in 2021, the Commodity Futures Trading Commission (CFTC) fined Tether for inaccurate reporting about reserves in prior years, and the Attorney General of New York reached a settlement in 2021, requiring Tether to regularly report on its reserve composition and cease ...