According to Ripple CEO Brad Garlinghouse, the US government is actively pursuing Tether, the issuer of the USDT stablecoin.
In an interview on the World Class podcast, Garlinghouse has expressed his belief that there will be another "black swan" event in the cryptocurrency industry similar to the FTX scandal, in which company executives were implicated in fraud.
Garlinghouse believes it is clear that the US government has Tether in its sights, although he did not elaborate or explicitly call it the next black swan event.
He believe any regulatory action taken against Tether could have a significant impact on the crypto markets, but it is difficult to predict exactly what that impact would be.