Tether Engages U.S. Lawmakers to Shape New Stablecoin Regulations
Tether, the world's largest stablecoin issuer, is actively engaging with U.S. lawmakers to shape new regulations. The STABLE Act, a proposed bill, seeks to bolster consumer protection and financial stability in the digital asset market.
The STABLE Act mandates stablecoin issuers to maintain a one-to-one reserve of assets, pre-approved by regulators. It also necessitates monthly audits by U.S. accounting firms. Tether, being the leading player, would be subject to these stringent measures. Tether's CEO, Paolo Ardoino, is not only working to shape the STABLE Act but also two other stablecoin bills introduced by different legislators. This collaborative approach could set new industry standards, fostering a more secure environment for crypto innovation.
Tether's proactive dialogue with U.S. lawmakers signals a potential shift in crypto regulation. The company is currently discussing the STABLE Act with Representative Bryan Steil and Representative French Hill. These talks indicate a move towards greater transparency and stability in the crypto space.
Tether's engagement with U.S. lawmakers over the STABLE Act could significantly impact stablecoin regulations. The proposed bill, if enacted, would enhance consumer protection and financial stability in the digital asset market. Tether's proactive approach signals a willingness to work with regulators, potentially paving the way for clearer, more robust crypto regulations.
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