No matter what you believe about USDT-Tether-it is beyond question that the stablecoin has become integral to the digital asset industry. It's the most-traded digital asset by a significant margin, and the network of exchanges surrounding Tether hold significant amounts of USDT.

The CARES Act was signed into law on March 27. Congress earmarked $454 billion of that stimulus money to be distributed by the Treasury to the Federal Reserve to be used for emergency lending programs to save businesses and jobs during the pandemic and keep credit flowing to the U.S.

Despite the Quadriga CX scandal, Canada seemingly learned virtually nothing about crypto exchange regulations. The doomed exchange's founder Gerald Cotten was declared dead in India last year. Only Cotten had access to the "digital keys" that would provide customers a clear path to the $190 million in cryptocurrency funds they had invested via the firm's platform.

Market participants have raised questions concerning the application of the federal securities laws and the rules of the Financial Industry Regulatory Authority ("FINRA") to the potential intermediation-including custody-of digital asset securities[1] and transactions.