Tether CEO suggests the US will soon rectify its neglect of cryptocurrency

The United States is behind the curve on crypto regulations but could begin to shape up laws after the elections, says Paolo Ardoino, CEO of the largest crypto stablecoin issuer, Tether.
“There is no place like the US,” Ardoino
said
during an Oct. 22 virtual appearance at the DC Fintech Week conference. “The US has always been leading the technological development in every single field.”
“This is the first time in history that I see the US dropping the ball,” he added concerning the country’s approach to
crypto regulation
.
The US crypto industry has lobbied for crypto-specific regulations, claiming the technology doesn’t fit with existing finance industry rules. Some have even blamed a lack of regulation for
causing an exodus
of crypto firms from the country. Ardoino added:
“That is my wish list,” he added. “The US has huge importance in this dialogue. Everyone, every single regulator in the world, will look at the US for the right regulation.”


Tether CEO Paolo Ardoino appearing virtually at DC Fintech Week. Source: CNBC
US crypto players have spent at least $130 million in a bid to influence this election cycle, with the money mostly going to backing Republicans in tight Senate and House races.
Republican presidential candidate
Donald Trump
has long included passing crypto-friendly laws as part of his campaign promises, while Democratic rival Kamala Harris
later unveiled support
for crypto in her pitch to Black male voters.
Ardoino said the US passing rules for crypto and stablecoins, including for his company’s USDt (
USDT
), will help it continue to be “very much the lifeline for hundreds of millions of people that don’t have the same luck and the same opportunities for people living in the US and Europe.”
Tether “doubling down” on transparency
The Tether boss also said his company is “doubling down” on communication and transparency, with the company the subject of US regulatory scrutiny in the past.
“Compliance is very, very important,” Ardoino said, adding:
“I want to be open and want to be transparent about that, about the issues. I think communication and transparency is truly important, and we are actually doubling down on that,” he said.
Related:
Stablecoins can benefit financial system, Fed governor says
In 2021, the US Commodity Futures Trading Commission
fined Tether $41 million
, saying it made “untrue or misleading statements” about the assets backing for its USDt token, which wasn’t “‘fully-backed’ the majority of the time.”
US lawmakers
have also called
on the Justice Department to investigate Tether’s alleged involvement in illicit finance, which Tether has denied, and pointed to its involvement in helping authorities.
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