Tether is working with U.S. lawmakers to push for stablecoin regulation bill

PANews February 15th news, Fox Business reporter Eleanor Terrett tweeted that Tether is working with U.S. lawmakers to influence the way the U.S. regulates these fiat currencies. Tether, the issuer of the world's largest stablecoin, is controversial for alleged lack of transparency. Critics say the company has never undergone a full audit and instead opt for quarterly financial book reviews by BDO, a global accounting firm.

As Congress is committed to developing legislation to establish regulatory frameworks for U.S. stablecoins, Tether CEO Paolo Ardoino said the company is actively communicating with lawmakers, pushing for relevant bills and pledging to comply with the final passed laws. The bill is expected to be signed into law by President Trump as early as April. If approved, Tether will be required to undergo a monthly audit by U.S. accounting firms and maintain a one-to-one reserve of regulatoryly approved assets.