Bitcoin’s rally has been a significant factor in driving Tether’s demand. Its value has risen sharply in recent weeks, peaking at $99,600 on 22 November.
During his time as SEC Chair, starting in April 2021, Gensler took a tough stance on regulating cryptocurrencies.
Bitcoin’s current rally has brought it tantalisingly close to the $100,000 mark. Earlier today, the cryptocurrency reached an intraday high of $98,312, reflecting a 6.7% gain in just 24 hours.