US ‘dropping the ball’ on crypto, but that should change soon: Tether CEO

As a seasoned crypto investor with roots deeply embedded in the digital currency landscape, I can’t help but feel a sense of anticipation and relief regarding the potential shift in U.S. crypto regulations. Having navigated through the complexities of global regulation and witnessed firsthand the rapid growth of this industry, I am hopeful that the United States will soon catch up and provide sensible guidelines for this burgeoning sector.


According to Paolo Ardoino, CEO of Tether – the biggest crypto stablecoin issuer – the U.S. is currently lagging in crypto regulation but may start improving its laws following the elections.

Ardoino stated during a virtual event at the DC Fintech Week conference on October 22nd that there’s no comparison to the technological advancement found anywhere else, quite literally, than in the United States. The US has consistently been at the forefront of technological development across all sectors.

As a analyst, I’ve never before encountered a situation where I believe the U.S. is falling short in its regulatory approach towards cryptocurrencies, as I expressed in my previous statement.

The US crypto industry has lobbied for crypto-specific regulations, claiming the technology doesn’t fit with existing finance industry rules. Some have even blamed a lack of regulation for causing an exodus of crypto firms from the country. Ardoino added:

“Whoever will win the elections, I think it is very, very important that crypto regulation, sensible crypto regulations, and stablecoin regulations will come to fruition in a way that will protect the end-users.”

He continued by saying, “Here’s what I hope for,” referring to his list of desires. “In this conversation, the United States carries significant weight. Every international regulatory body will scrutinize the U.S.’s approach to regulation.

US ‘dropping the ball’ on crypto, but that should change soon: Tether CEO

This year, American cryptocurrency enthusiasts have invested over $130 million with the intention of swaying the current election, primarily supporting Republican candidates in close Senate and House contests.

In simpler terms, during his campaign, Republican presidential candidate Donald Trump often mentioned the need for pro-cryptocurrency legislation as part of his promises. Later on, Democratic rival Kamala Harris expressed her backing for cryptocurrencies when she aimed to win over Black male voters.

According to Ardoino, the implementation of regulations for cryptocurrencies and stablecoins, including Tether (USDT), by the U.S., will enable it to remain a vital resource for hundreds of millions of individuals who lack access to the same privileges enjoyed by people residing in the U.S. and Europe.

Tether “doubling down” on transparency

In addition to what the Tether leader stated, he mentioned that their firm is putting extra emphasis on openness and clear communication, as it has previously been under investigation by American regulators.

“Compliance is very, very important,” Ardoino said, adding:

“Tether has always been a force of compliance, and I understand that publicly. It never — or didn’t appear — like that, at least in the US.”

He emphasized the importance of honesty and clear communication regarding the matters at hand. In fact, he mentioned they are making a stronger commitment to this principle.

In 2021, the U.S. Commodity Futures Trading Commission imposed a fine of $41 million on Tether, asserting that it had made false or deceptive statements concerning the reserves backing its USDT token. The commission claimed that the statement that USDT was “fully-backed” most of the time was not accurate.

Lawmakers in the U.S. have additionally requested that the Department of Justice look into accusations of Tether’s role in illegal financing. However, Tether has refuted these claims and emphasized its cooperation with law enforcement agencies.

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2024-10-23 06:07