Tether CEO Paolo Ardoino Highlights His Company's Strong Relationship with the U.S. Government as a Key Stablecoin Bill Inches Closer to Becoming Law

As a key stablecoin bill inches closer to becoming law, Tether CEO Paolo Ardoino is highlighting his company's strong relationship with the U.S. government.

As the key stablecoin bill, aiming to license and regulate stablecoin issuers at both the federal and state levels, edges closer to becoming law, Tether CEO Paolo Ardoino is highlighting his company’s strong relationship with the U.S. government.

The Guiding and Establishing National Innovation for U.S. Stablecoins Act, also known as the GENIUS Act, passed the Senate Banking Committee in a bipartisan 18-6 vote. The legislation, sponsored by Sens. John H. Durbin, D-Ill., and Bill Hagerty, R-Tenn., seeks to create a framework for licensing and regulating stablecoin issuers at the federal level.

However, the bill also aims to maximize state roles in cryptocurrency regulation, aiming to balance these efforts.

During an interview with Bloomberg, Ardoino discussed the pending bill and what it means for stablecoins and their future. He also expressed excitement for Tether, the company that created stablecoins in 2014, issued USDC and now has the largest user base in the market.

Tether’s Trump Connection: Cantor Fitzgerald

Ardoino specifically highlighted Tether’s partnership with Cantor Fitzgerald, the firm founded by Donald Trump’s Commerce Secretary Howard Lutnick. This connection is significant, given the current political climate and the ongoing debate over crypto regulation.

The Tether executive went on to discuss the challenges cryptocurrency faced under the previous administration, particularly with the Operation Point 2.0 initiative, which had the goal of stifling the crypto industry.

However, despite this adversity, Tether was able to build a trusted relationship with the U.S. government, gaining support after Cantor Fitzgerald conducted thorough due diligence.

“We are very grateful to the fact that they onboarded us in a period when the past administration in the United States just tried to almost kill crypto. They ( Cantor) got comfortable with us. They decided to onboard us and allow us to keep all our Treasury bills with them.

“So we are very grateful. We want to just make sure that we are heard because we represent the biggest use case for the digital US dollar represented by Stablecoins in the world.”

With the GENIUS Act now advancing, members of the crypto industry are closely monitoring the progress of this bill. Many industry players are hoping for clearer regulatory guidelines, which could aid the market in growing while ensuring consumer safety.

The outcome of the Genius Act can influence the U.S.’s role in digital asset markets.