Tether CEO Paolo Ardoino said that although the US has been sluggish to create appropriate rules for the bitcoin industry, he thinks things could improve after the next elections. Ardoino, the chairman of the biggest stablecoin issuer worldwide, underlined that although traditionally the US has led the way in technical innovation, when it comes to cryptocurrencies he sees the US lagging behind.
Ardoino said, speaking at the DC Fintech Week conference, “The US has always been at the forefront of technical breakthroughs. But this is the first I have witnessed the nation trailing behind.” He underlined that rather than trying to integrate digital assets into conventional financial systems, the crypto sector has long advocated laws that particularly target its special features. Ardoino says the forthcoming elections could open the path for more rational and all-encompassing crypto rules.
He also noted that several cryptocurrency companies have left the US in search of more suitable surroundings due to unclear laws. Ardoino, however, is still confident that, independent of whatever political party wins the election, the correct legislative framework will shortly develop. Especially in the context of stablecoins like Tether’s USDt, he underlined the importance of laws safeguarding consumers and encouraging creativity.
Ardoino thinks other countries will turn to the US for direction as it crafts its crypto rules. Emphasizing the nation’s significant involvement in the larger financial ecosystem, he stated, “Every global regulator will be watching the US to see how it handles crypto regulations.”
The Tether CEO also discussed the value of openness, pointing out that prior examination of his business is evidence of this. He said that Tether has come under fire for its lack of transparency regarding the assets supporting its stablecoin. However, he assured Tether that he is committed to enhancing honesty and transparency in the future, especially considering past legal challenges. Ardoino further pointed out that Tether has always given compliance first importance, despite not always seeing that.
US authorities penalized Tether in 2021 for fabricating claims on the assets supporting her USDt cryptocurrency. Ardoino is sure, in spite of these challenges, that better communication and openness will enable the business to keep its leadership role in the crypto market.
Ardoino underlined as Tether develops that stablecoins such as USDt offer vital financial services to millions of individuals worldwide, especially those without access to conventional banking institutions. With the correct laws in place, he thinks Tether can continue being a necessary lifeline for people in need.
