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Tether CEO Paolo Ardoino recently expressed concerns about the United Statesâ slow approach to crypto regulation, particularly compared to its historic leadership in technology.
Speaking at the DC Fintech Week conference on October 22, Ardoino stated that while the U.S. has traditionally been at the forefront of technological innovation, it has âdropped the ballâ in crafting sensible crypto laws. He urged that whoever wins the upcoming presidential election should prioritize comprehensive crypto and stablecoin regulations.
The cryptocurrency industry has long lobbied for rules that specifically address the unique aspects of digital assets, arguing that current financial regulations do not adequately cover the technology. This lack of clear regulation has prompted many crypto firms to leave the U.S. in search of more supportive environments. Ardoino stressed the importance of the U.S. setting a regulatory example for the world, as global regulators often look to the U.S. for guidance.
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Elections Could Shape the Future of Crypto Laws
The upcoming U.S. elections are expected to play a pivotal role in determining the future of crypto regulation. With approximately $130 million spent by crypto players to influence the election cycle, much of that money has gone toward supporting Republican candidates.
Republican presidential candidate Donald Trump has made crypto-friendly laws a cornerstone of his platform, while Democrat Kamala Harris has also shown interest in supporting cryptocurrency as part of her outreach to Black male voters.
Ardoino believes the right regulatory framework could be a lifeline for millions of people around the world who lack financial opportunities. Specifically, he sees stablecoins like Tetherâs USDT playing a crucial role in providing access to financial services in underserved regions. Tetherâs USDT remains one of the largest stablecoins in circulation, often viewed as an essential bridge between traditional finance and the digital economy.
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Tetherâs Push for Greater Transparency
Beyond regulation, Ardoino emphasized Tetherâs commitment to transparency and compliance. Following past scrutiny from U.S. regulators, including a $41 million fine from the Commodity Futures Trading Commission in 2021, Tether has been focused on improving its communication and transparency efforts.
Ardoino acknowledged that while Tetherâs compliance record may not have always been clear to the public, the company is now doubling down on its transparency measures to better inform users and regulators alike.
