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Cryptocurrency News Articles
Tether's Paolo Ardoino: 'If the U.S. Government Wanted to Kill Us, They Can Press a Button'
Oct 29, 2024 at 01:26 am
But the leading stablecoin issuer is comfortable holding its T-bills at a U.S. institution because it respects international sanctions, CEO Ardoino said in an interview.
Paolo Ardoino, CEO of Tether, the world's largest stablecoin issuer, has stated that the U.S. government could easily shut down the company if it wanted to.
However, Ardoino expressed confidence in Tether's adherence to international sanctions and collaboration with law enforcement agencies, despite the recent allegations of a DOJ investigation into Tether.
According to Ardoino, Tether's vast holdings of U.S. T-bills, largely custodied by Cantor Fitzgerald, a Wall Street firm led by Donald Trump's transition team head, place Tether in a precarious position.
Despite the potential leverage this may give U.S. authorities, Ardoino emphasized that Tether's T-bills are ultimately held in a Fed account, and the company's adherence to OFAC (Office of Foreign Assets Control) regulations shields it from any illicit activities involving USDT.
Ardoino downplayed the role of USDT in illicit finance, comparing it favorably to the U.S. dollar's widespread use in such activities and highlighting Tether's efforts to freeze crypto wallets and collaborate with government agencies to combat money laundering and other crimes.
Regarding the upcoming U.S. elections and their potential impact on digital asset regulations and Tether, Ardoino expressed optimism that the winning candidate will recognize the value of crypto and stablecoins, particularly in light of China's sale of T-bills and the U.S. government's apparent conclusion that this is beneficial.
He also noted Tether's ranking among the top 20 countries in terms of U.S. Treasury holdings, exceeding even Germany's holdings.
When asked about Cantor Fitzgerald and Howard Lutnick's political role, Ardoino stated that working with Lutnick was part of Tether's journey from a small issuer using minor banks to a large operation requiring an Ivy League custodian for its T-bill holdings.
According to Ardoino, Lutnick's public confirmation of Cantor Fitzgerald's due diligence on Tether and保管everyone that the firm had Tether's money made all the difference.
He clarified that Tether does not expect any political favors and that the company's efforts in advancing financial inclusion should resonate more strongly with Democrats, while the company's status as a major purchaser of U.S. debt could appeal to Republicans seeking to maintain the dollar's dominance.
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