- Tether CEO Paolo Ardoino urges the U.S. to lead in creating crypto regulations post-election.
- U.S. crypto industry has spent over $130 million to influence upcoming election outcomes.
- Ardoino emphasizes Tether’s commitment to compliance and increased transparency amid regulatory scrutiny.
Paolo Ardoino, CEO of Tether, the world’s largest stablecoin issuer, has expressed concern about the U.S. lagging behind in establishing crypto regulations. Speaking at the DC Fintech Week conference on October 22, Ardoino said the U.S. has historically led technological advancements but is now “dropping the ball” on cryptocurrency regulation. He emphasized that establishing clear rules for cryptocurrencies and stablecoins, particularly following the U.S. elections, is crucial for protecting users and maintaining global leadership.
U.S. Crypto Regulations Needed Post-Election
Ardoino believes that regardless of the election outcome, it is essential for the U.S. to implement sensible crypto regulations. He noted that the world looks to the U.S. for leadership on this issue, as regulators across the globe are closely observing how the country will approach the matter. Currently, many crypto companies have shifted operations outside the U.S. due to the lack of clarity in the regulatory environment. However, both major political parties in the U.S. have made moves to address this, with Republican candidates promising crypto-friendly laws and Democrats showing increasing support for the sector.
The U.S. crypto industry has invested heavily in the political landscape, spending at least $130 million to influence the outcome of the upcoming election. These funds have mainly been directed toward tight Senate and House races.
Source: The Financial Technology Report
Tether’s Push for Transparency Amid Scrutiny
During the same discussion, Ardoino also shared Tether’s plans to enhance its transparency and communication, following past scrutiny from U.S. regulators. He reiterated Tether’s commitment to compliance, acknowledging that the company’s efforts have not always been visible in the U.S. market. Tether, which was fined $41 million by the Commodity Futures Trading Commission in 2021 for misleading claims about its USDT token, is now doubling down on efforts to increase transparency.
Ardoino emphasized the importance of regulatory clarity for stablecoins like USDT, stressing that they provide a financial lifeline for millions worldwide, particularly in regions with fewer opportunities compared to the U.S. and Europe. He remains hopeful that post-election crypto regulations will benefit both the industry and its users.
