Bloomberg published an investigation into Tether’s lobbying efforts during negotiations leading to the passage of the GENIUS Act, the first U.S. law establishing a federal regulatory framework for payment stablecoins. According to the investigation, the stablecoin issuer attempted to influence provisions of the legislation on issues such as compliance requirements for foreign issuers, reserve rules, and conditions for accessing the U.S. market. The report highlights Tether’s relationships with figures in the Trump administration, including Commerce Secretary Howard Lutnick and White House AI and crypto adviser David Sacks. Paolo Ardoino, Tether’s CEO, had attended the White House ceremony marking the signing of the GENIUS Act and thanked Trump for the invitation. At the time of publication, neither Tether nor its CEO had publicly commented on Bloomberg’s investigation.
Source: Read the original article
