The refined system fraudster Jordan Belfort, also known as “The Wolf of Wall Street”, calls for a “massive regulation” of Bitcoin and Co.
Jordan Belfort is familiar with fraud: With his investment company Stratton Oakmont, Belfort initiated numerous pump-and-dump maneuvers in the 1990s, which caused total damage to its customers of over USD 200 million. That ultimately earned him not only the nickname “Wolf of Wall Street,” but also 22 months in prison and a US $ 110 million fine. Since then, Belfort has been the refined motivational coach, who is also happy to comment on crypto events.
Jordan Belfort thinks Tether is a fraud
Most recently, the Wolf of Wall Street joined the crypto portal Coindesk given a rendezvous. The occasion was the report of new investigations by the US Department of Justice (DOJ), which are directed against the management level of the stablecoin publisher Tether Labs. It is nowhere near the first time that Tether has been targeted by US authorities.
For Belfort the matter is clear:
I’ve been saying since 2017 that I think there was a big problem with Tether and I was shocked that it never came to be. […] I have no direct evidence, but it seemed pretty handy to have the supply of tether expanded when it was needed.
Belfort is alluding to the doubts that have accompanied the Tether promise – namely that USDT is fully covered by reserves – for years. This was also the reason for the investigation by the New York Public Prosecutor’s Office, which ended with Tether lightly, namely with a settlement.
This caused astonishment at the Wolf of Wall Street:
When I heard they had a civil settlement I thought, Wow, how did you get away with it? Something like that cannot be regulated under civil law, that is a serious accusation,
so Belfort, who must finally know.
The Wolf of Wall Street is a bitcoin bull
When it comes to Bitcoin, DeFi, and the crypto market as a whole, Belfort is quite bullish. However, the convicted securities fraudster sees strict regulation as a basic requirement for the thriving of the crypto market:
I’m a long-term crypto bull and I think the sooner massive regulation hits the market, the better it is for bitcoin, stablecoins and everything else. I think people are afraid of regulation, they shouldn’t. Look back in history: every nascent market got much bigger after the regulators came
indicates across from Belfort Coindesk convinced.