Tether is working closely with US lawmakers to help shape new regulations for stablecoins, according to FOX Business’ Eleanor Terret.
CEO Paolo Ardoino confirmed that Tether is engaged in discussions to ensure its views are represented in the legislative process.
This comes amid three major bills being considered in Congress, most notably the STABLE Act, which calls for a reserve of highly liquid assets such as US Treasury bonds.
If passed, Tether could be forced to adjust its financial strategy, according to JPMorgan estimates.
The company faces the prospect of monthly accounting audits under US supervision, which Ardoino criticized, citing analysts’ misunderstanding of the nature of Tether’s business.
Congress is expected to decide the fate of the legislation by April 2025, amid bipartisan support for regulating stablecoins.
Posted using Tribaldex Blog