Tether CEO Advocates for Balanced U.S. Crypto Regulations

During DC Fintech Week, Tether's CEO, Paolo Ardoino, called for rational cryptocurrency regulations in the U.S.

In a remote address, he highlighted Tether’s proactive compliance with global regulators and the need for frameworks that balance innovation with consumer protection.

Ardoino expressed optimism about the emergence of clear regulations, emphasizing their role in safeguarding users while promoting stablecoin advancements. He underscored the significance of U.S. leadership in tech, stating that sensible regulations could be a “lifeline” for people in economically distressed nations.

He also noted Tether’s cooperation with law enforcement across 45 countries, including the FBI and U.S. Secret Service, asserting that few financial firms match Tether’s level of compliance and regulatory relationships. Ardoino cited Tether’s robust financial backing, with 104% over-collateralized reserves primarily in U.S. Treasuries, allowing it to endure significant redemptions in 2022.

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In terms of transparency, Ardoino acknowledged past criticisms and reiterated Tether’s commitment to clearer financial disclosures. He emphasized Tether’s role in providing access to U.S. dollar-denominated assets in emerging markets by purchasing substantial amounts of U.S. debt.

Congressman French Hill, also at the event, mentioned potential legislative opportunities for crypto regulations during the “lame duck” session, although the outcomes may depend on the 2024 presidential election. If legislation stalls, Hill indicated that crypto regulations would remain a priority for 2025, particularly with potential leadership changes in the House Financial Services Committee.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.