Tether CEO US Crypto Regulation Falling Short but Anticipates Impending Shift

The CEO of Tether, Paolo Ardoino, believes that the United States is lagging behind in terms of crypto regulations but could begin to catch up after the elections. Speaking at the DC Fintech Week conference, Ardoino emphasized the US’s historical leadership in technological development and expressed concern over the country’s current approach to crypto regulation. The US crypto industry has been advocating for specific regulations tailored to cryptocurrencies, arguing that the existing financial industry rules are not suitable. Some have even attributed the lack of regulation to the departure of crypto firms from the country. Ardoino stated that the US plays a crucial role in shaping global regulations, and all regulators worldwide will look to the US for guidance. US crypto players have invested over $130 million in influencing the current election cycle, mostly supporting Republican candidates in tight Senate and House races. Both Republican presidential candidate Donald Trump and Democratic candidate Kamala Harris have expressed support for crypto-friendly laws. Ardoino believes that implementing regulations for cryptocurrencies and stablecoins, including Tether’s USDt, will ensure that the US continues to provide essential financial services to millions of people worldwide. Ardoino also highlighted Tether’s commitment to transparency and communication, as the company has faced regulatory scrutiny in the past. The US Commodity Futures Trading Commission fined Tether $41 million in 2021 for making misleading statements about the assets backing its USDt token. Additionally, US lawmakers have called for an investigation into Tether’s alleged involvement in illicit finance, although the company denies these claims and asserts its cooperation with authorities.