Tether CEO Paolo Ardoino expressed his confidence that the US will soon introduce sensible crypto regulations, which will have a positive impact on the industry. Speaking at DC Fintech Week in Washington via video link, Ardoino stated that the US has a crucial role to play in shaping crypto regulations, particularly for stablecoins. He believes that these regulations will not only protect end-users but also enable stablecoin innovations to continue providing a lifeline to people in other parts of the world who lack access to similar opportunities.
As the top global issuer of stablecoins, Tether has been working to demonstrate its cooperation with governments, with Ardoino highlighting the company's law-enforcement relationships and collaborations with agencies in 45 countries. With over 330 million users, Tether has shown resilience in the face of significant redemptions, and Ardoino argued that the company's 104% over-collateralized reserve, primarily composed of US Treasuries, provides a high level of security.
While acknowledging the need for regulations, Ardoino emphasized that they should prioritize customer protection, rather than imposing undue restrictions. The US Congress is considering crypto and stablecoin legislation, with Rep. French Hill suggesting that it may gain traction in the final weeks of the current session.