Tether seeks involvement in U.S. stablecoin regulations

Tether was in talks with American legislators behind the stable act. The company aims to get more involved in shaping American Stablecoin laws.

According to Fox Business Reporter Eleanor TerrettTether (USDT) had discussions with representative Bryan Steil and the republican president of the Chamber’s Financial Services Committee, French Hill, concerning stable Regulations in the WE.

Steil and Hill have confirmed to Terret that the largest stablecoin transmitter in the world was actively committed to the discussion project for the new bill, the transparency and responsibility of the stablescoin for a better economy of the big book or a stable law .

The bill should oblige stable issuers to obtain the authorization of the office of the Monnaie Controller and support their crypto in traditional fiduciary currency, short -term American cash bills or central bank reserves.

CEO, Paolo Ardodino, said the company planned to comply with American regulations for Stablecoin, but that could be revealed.

“We are not going to simply throw in the towel and let death die just so as not to adapt to American legislation,” said Ardodino.

This means that if the stable act takes place, Tether will have to undertake to maintain an asset support one by one for its fiat tokenized and to carry out monthly reserve audits through an accounting firm based in states- United.

According to Terret, Tether was criticized for his lack of transparency, namely the accusations that the company has never received a complete audit. Instead, the Stablecoin firm provides quarterly reports from its financial books published by the BDO World Accounting Cabinet.

In addition, JP Morgan analysts predict This attachment will have to sell part of his bitcoin (BTC) Assets to comply with new requirements, citing that the Stablecoin firm only has 66% at 83% of the amount required to support its cryptographic food.

Ardoino said his team aims to get involved in the training of all regulatory executives for stablecoins in the United States to ensure that they have a say in the legislative process.

“We are going to work in the regulatory framework, and we will try to advise each of these field proposals to ensure that our voice is heard,” said Ardoino.

Last week, there were three bills on stables, presented in the Chamber and the Senate. Aside from the stable act, there was also the law on engineering, a bipartite bill presented by the Senate team which includes an author of the Bitcoin reserve proposal, Sen. Cynthia Lummis. The bill regulates stablecoins with a market capitalization of more than $ 10 billion.

In addition, the Democrat representative Maxine Waters in the Chamber’s Financial Services Committee, presented a Stabelcoin surveillance proposal involving the Currency Controller office, the Federal Deposit Insurance Corporation and the Federal Reserve.

On February 13, the governor of the Federal Reserve Christopher Waller said That stablecoins have the potential to strengthen the domination of the US dollar worldwide. However, he believes that the Stablescoin market still requires a regulatory framework which directly addresses the risks of stable and allows banks and non-banks to issue stablecoins.

Last year, the president of the Fed Jerome Powell also claimed To fully support the creation of a Stablecoin executive at a meeting with the Chamber’s Financial Services Committee.