Samson Mow accuses Ripple of making derogatory remarks about Tether

Ripple CEO Brad Garlinghouse is facing significant backlash for his recent comments about Tether, stating, “The U.S. government is going after Tether, that is clear to me.” Garlinghouse made these remarks during a podcast episode on May 10, where he also discussed the possibility of a future black swan event. Tether CEO Paolo Ardoino called Garlinghouse an “uninformed CEO,” while Samson Mow, CEO of Jan3, criticized Garlinghouse for attacking Tether using XRP bots. Cointelegraph interviewed Mow to gain further insight into Garlinghouse’s motivations. Mow believes that Garlinghouse is trying to spread fear, uncertainty, and doubt (FUD) about Tether because it competes with Ripple’s goals for XRP. Mow also believes that Garlinghouse is targeting Bitcoin for similar reasons. However, Mow believes that Garlinghouse’s strategy will fail to gain traction with the general public. Following the backlash, Garlinghouse responded to Ardoino, clarifying that he wasn’t attacking Tether and that he views Tether as an important part of the ecosystem. However, this clarification did not change or reverse Garlinghouse’s initial statement. Ripple confirmed that Garlinghouse’s May 13 post was the final word on the matter. The controversy surrounding Tether and the accusations against it are complex, but they can be summarized as follows: Tether’s stablecoins are not properly audited or fully backed by real-world assets, Tether is created out of thin air to manipulate the market, Tether is unregulated and does not comply with law enforcement, and Tether’s rapid growth poses a risk of a future financial shock. Critics such as Amy Castor and David Gerard believe that Tether’s day of reckoning is approaching due to sanctions evasion. Tether has stated that it is working with law enforcement and regulators. Ripple announced that it would launch its own stablecoin called RLUSD, indicating its intention to compete in the market. Despite Garlinghouse’s attempts to distance himself from the controversy, Ripple is still facing criticism for its own actions, such as selling unregistered securities (XRP). The article reached out to Tether for comment but did not receive a response.