Key dealers
- Tether actively engages with US legislators regarding new Stablecoin regulations.
- Suggested regulations will require Tether to have monthly audits and maintain one-to-one reserves.
Tether is working closely with US legislators to help shape upcoming Stablecoin regulations, according to Fox Business journalist Eleanor Terret. Tether CEO Paolo Ardoino confirmed the company’s active commitment with top legislators.
The company wants to ensure that their “voice is heard” in the process, Ardoino said, expressing a desire to compromise and adapt to ensure their continued operation within the judicial framework.
“We will work within the regulations, and we will try to give advice on every one of these field proposals to ensure that our voice is heard,” said Ardoino and treated three Stablecoin bills recently introduced in the house and Senate.
Representative Bryan Steil, chairman of the sub -committee for financial committees digital assets, confirmed the Tet’s involvement in discussions about the stable law, which he co -introduced with the congressman French Hill.
The proposed legislation would require StableCoin issuers to maintain reserves consisting only of high quality, liquid assets, such as US government debt and insured deposits. The dominant player in the Stablecoin sector, with its USDT, which takes about 60% of the market share, currently holds over $ 114 billion in short-term government debt in its reserves.
JPMorgan -Analysts suggest that if the proposed US StableCoin regulation passes, Tether may have to sell some of his bitcoin and precious metal holdings to comply with the new rules.
The company, which currently provides quarterly assessments from the accounting company BDO, would have to submit to monthly audits by an American accounting company and maintain one-to-a-reserves with regular-approved assets below the proposed framework.
In response to JPMorgan’s report, Ardoino claims that their conclusions show a misunderstanding of the company’s operations and the regulatory process.
Tracking the progress of three important bills
Three Stablecoin bills go through Congress, each proposes different approaches to regulate digital assets.
The stable law aims to establish a regulatory framework for Stablecoins with two -party support. The bill preceded Water’s proposal and is examined before a sub -committee for the sub -committee for digital assets.
Senator Bill Hagerty’s Genius Act, introduced On February 4, 2025, the federal monitoring of payment proposes Stablecoins while preserving the state regulatory authority. The bill has received two -party support and is prioritized to pass within President Trump’s first 100 days in the service.
Rope. Maxine Waters introduced a StableCoin bill on February 10, 2025, which would require issuers to register and maintain one-to-one reserves supported by US currency or approved assets. The legislation focuses on consumer protection and measures against fraud in the crypto industry.
The GOP-controlled house and the Senate are aimed at April for a bill to be signed by law.
