Paolo Ardoino, the CEO of Tether, the largest crypto stablecoin issuer, believes that the United States is lagging behind in crypto regulations but could potentially catch up after the elections. Speaking at the DC Fintech Week conference on October 22, Ardoino acknowledged the US’s historical leadership in technological development but expressed concern about its current approach to crypto regulation. The crypto industry in the US has been advocating for specific regulations tailored to cryptocurrencies, arguing that the existing financial industry rules do not fit the technology. Some have even attributed the lack of regulation as the cause for crypto firms leaving the country. Ardoino emphasized the importance of the US in the global regulatory dialogue and expressed his wish for the country to establish the right regulations that other regulators around the world can look to as a model. The US crypto industry has invested at least $130 million in influencing the current election cycle, with a majority of the funds supporting Republican candidates in close Senate and House races. Both Republican candidate Donald Trump and Democratic candidate Kamala Harris have shown support for crypto, with Trump including crypto-friendly laws in his campaign promises and Harris later expressing her support to Black male voters. Ardoino believes that passing regulations for crypto and stablecoins, including Tether’s USDt, will enable the US to continue being a vital lifeline for millions of people who lack the same opportunities as those in the US and Europe. In addition, Ardoino stressed Tether’s commitment to transparency and communication, especially in light of previous regulatory scrutiny. The company was fined $41 million by the US Commodity Futures Trading Commission in 2021 for making misleading statements about the assets backing its USDt token. US lawmakers have also called for an investigation into Tether’s alleged involvement in illicit finance, which the company vehemently denies while highlighting its collaboration with authorities.
Tether CEO suggests imminent change as the US fumbles with crypto