Tether CEO Paul Ardoino criticized the United States for being slow to develop cryptocurrency regulations and suggested progress could be made after the election.
Speaking at yesterday’s DC Fintech Week conference, Ardoino expressed concern about the current US stance on cryptocurrency regulation.
“There is no country like the United States,” he said, stressing that the country has traditionally been a leader in technological advancement. But he said, “This is the first time in history that we’ve seen the United States drop the ball” when it comes to its handling of crypto policy.
The U.S. crypto industry is calling for regulations explicitly tailored to digital assets, saying the financial industry’s existing rules do not meet the needs of crypto companies.
Some industry observers have suggested that a lack of clear regulation is leading to crypto companies leaving the country. “Regardless of who wins the election, I think it’s very important that we have crypto regulation, sensible crypto regulation, stablecoin regulation in a way that protects end users,” Ardoino added.
US role in global cryptocurrency regulation
Ardoino emphasized the global importance of the United States in developing cryptocurrency regulation, saying that all regulators around the world are looking to the United States for guidance on this issue. “The United States has a very important role to play in this conversation,” he said, adding that appropriate regulation could have far-reaching effects.
The US cryptocurrency industry spent at least $130 million during this election cycle, primarily supporting Republican candidates in Senate and House races. Republican presidential candidate Donald Trump has made passing crypto-friendly legislation part of his campaign promise, while Democratic rival Kamala Harris has also turned to crypto, especially in reaching out to black male voters. has expressed support.
Emphasis on tether transparency
Additionally, Ardoino highlighted Tether’s commitment to transparency and communication. He said the company is “doubling down” on these efforts given past regulatory oversight. “Compliance is very important,” Ardoino said, acknowledging that Tether has been viewed differently in the past, especially in the United States.
In 2021, the U.S. Commodity Futures Trading Commission fined Tether $41 million for making “false or misleading statements” regarding the backing of the USDt token. Ardoino reiterated Tether’s focus on improving communication and transparency, saying, “We’re actually doubling down on that.” Tether also faces demands from U.S. lawmakers for an investigation into its involvement in illegal financing, which the company denies.
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Lawrence does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu Cryptocurrency Project. Readers are encouraged to conduct their own research and consult a qualified financial advisor before making any investment decisions.
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