Lawrence Damilola
Tether CEO Paul Ardoino has criticized the United States for lagging behind in developing cryptocurrency regulations, and suggested that progress might be seen after the elections.
Speaking at the DC Fintech Week conference yesterday, Ardoino expressed concern over the U.S.’s current stance on crypto regulation.
“There is no place like the U.S,,” he said, emphasizing that the country has traditionally been a leader in technological advancement. However, he noted, “This is the first time in history that I see the U.S. dropping the ball,” referring to its handling of crypto policies.
The United States crypto industry has been pushing for regulations tailored explicitly to digital assets, arguing that existing rules in the financial industry do not align with crypto companies’ needs.
Some observers in the industry have suggested that the lack of clear regulations has led to a migration of crypto firms from the country. “Whoever will win the elections, I think it is very, very important that crypto regulation, sensible crypto regulations, and stablecoin regulations will come to fruition in a way that will protect the end-users,” added Ardoino.
US Role in Global Crypto Regulation
Ardoino emphasized the global significance of the United States in shaping crypto regulations, stating that every regulator around the world looks to the U.S. for guidance on this issue. “The US has huge importance in this dialogue,” he said, adding that the right regulations could have a far-reaching impact.
The crypto industry in the U.S. has spent at least $130 million during this election cycle, largely supporting Republican candidates in Senate and House races. Republican presidential candidate Donald Trump has made passing crypto-friendly laws part of his campaign promises, while Democratic rival Kamala Harris also expressed support for cryptocurrency, specifically in her outreach to Black male voters.
Tether’s Focus on Transparency
In addition, Ardoino highlighted Tether’s commitment to transparency and communication. He mentioned that the company is “doubling down” on these efforts, given past regulatory scrutiny. “Compliance is very, very important,” Ardoino said, acknowledging that Tether had been perceived differently in the past, particularly in the US.
In 2021, the US Commodity Futures Trading Commission fined Tether $41 million for making “untrue or misleading statements” regarding the backing of its USDt token. Ardoino reiterated Tether’s focus on improving its communication and transparency efforts, stating, “We are actually doubling down on that.” Tether has also faced calls from US lawmakers for investigations into its involvement in illicit finance, which the company has denied.
Read More
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Lawrence does not hold any crypto asset. 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 with a qualified financial adviser before making any investment decisions.
