Tether admits in court to investing some of its reserves in Bitcoin

Tether ($USDT) admitted in court to allocating its funds into cash and cash equivalents, adding assets including Bitcoin ($BTC). Case Judge Joel M. Cohen questioned the logic of Tether investing in a volatile asset like Bitcoin, saying "If some of your assets are in a volatile currency that Tether is supposed to somehow modulate, that seems like it’s playing into what they are saying.” As part of the May 16th hearing, Cohen allowed Tether to freely invest its funds once again but added a few conditions to doing so such as restraining certain credit flows.