Today in Crypto: Tether Cuts Commercial Paper Holdings; NYDIG Promotes Tejas Shah to CEO, Nate Conrad to President

Bitcoin company NYDIG has promoted executives Tejas Shah and Nate Conrad to the roles of CEO and President, respectively, a press release said.

Shah and Conrad will focus on bolstering investment in its mining technology, along with the platform technology business, helping banks and other companies utilize tech for next-generation wallets and global payments.

“Since its founding in 2017, NYDIG has become a leading global Bitcoin company. I’m proud of everything we’ve accomplished so far, and I cannot wait to see what the incredible NYDIG team will achieve in the coming years and decades,” said outgoing CEO Robert Gutmann. “As leaders of our biggest businesses, Tejas and Nate have been driving forces in NYDIG’s success. They are ready to lead NYDIG in its next phase of growth.”

And NYDIG founder and executive chairman Ross Stevens said the crumbling markets had driven bitcoin and revenue to NYDIG recently, and the company was “investing aggressively into a capital-starved market.”

Meanwhile, Tether has cut its commercial paper holding to under $50 million, according to chief technology officer Paolo Ardoino, Coindesk wrote.

Commercial papers refer to short-term unsecured debt issued by companies in which the value is dependent on the issuing company.

Tether had $20.1 billion in commercial papers in May, and cut it to $8.5 billion by June 30.

Tether has said it plans to bring its commercial paper holdings to zero by the end of the year, due to worries about the stability of its ecosystem and the USDT stablecoin.

Finally, the Commodity Futures Trading Commission has filed a complaint in the U.S. District Court for the Southern District of Florida against Digitex and its owner, for allegedly offering illegal futures transactions and trying to manipulate the price of the Digitex Futures token, a press release said.

The CFTC is suing Florida resident Adam Todd and four companies he controlled – Digitex LLC, Digitex Limited, Digitex Software Limited, and Blockster Holdings Limited Corporation.

The complaint alleges that Todd and Digitex Futures tried to manipulate DGTX’s price between May and August of 2020, trying to “pump” the price in his words by deploying a bot to third-party exchanges to buy more than it was selling, and filling big orders to buy DGTX on third-party exchanges.

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