Oh, darling, despite the grand spectacle on Capitol Hill, Tether peeks over its lorgnette and dismisses the U.S. as a royal nuisance. 🇺🇸💅
The ever-charming stablecoin issuer Tether (USDT) drapes itself in international chic, declaring its loyalties lie elsewhere, even as our lovely lawmakers tinker away on new rules. Truly, a spirited game of hide and seek! 🎩✨
Paolo Ardoino, the dashing CEO, told Bloomberg with a wry smile that it was vital to see “how the Genius Act is distinguishing between foreign issuers and domestic issuers,” adding—rather pointedly—that Tether’s heart belongs “outside of the U.S.” 💃🗺️
“We are eyeballing the Genius Act in a way that will let us wink at compliance while still winking at foreign markets.”
— Paolo Ardoino, probably with a twinkle in his eye
Meanwhile, on Monday, May 19, the Genius Act—a Senate bill supported by the crypto crowd—strutted forward in Congress. The House’s version, meanwhile, prances around the approval stage, still waiting for a full audience—er, vote. 🎭🤞
Such bills demand that issuers fully back tokens with cash or “safe” assets—think short-term U.S. Treasuries—because nothing says “trust me” like a well-secured digital mantle. They’d also like to throw stablecoins under the anti-money-laundering bus, and don’t forget, the old reliable Bank Secrecy Act. 😎💰
Ardoino, ever the diplomat, remarked that while U.S. stablecoins are “important,” the country already boasts a smorgasbord of options—Zelle, PayPal, debit and credit cards, cold, hard cash. Truly, a veritable banquet for the modern spender! 🍸💸
And lest we forget, Tether, having weathered past regulatory storms (settling in 2021), now entrusts its reserves to Cantor Fitzgerald, that venerable financial institution turned family affair under Howard Lutnick’s latest chapter—who recently handed the reins to his progeny and outside investors as he heads off to the White House, quite the career move! 🎩🏛️
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2025-05-26 11:27