Tether Lobbying Exposed: GENIUS Act Negotiations Revealed
Bloomberg has published an investigation into Tether's role in negotiations leading up to the passage of the GENIUS Act, which established a federal regulatory framework for payment stablecoins in the United States.
The investigation draws on interviews with current and former U.S. officials, industry participants, court filings, and other records, revealing that Tether executives and advisers sought to influence negotiations over the bill as lawmakers debated compliance requirements for overseas issuers, reserve rules, and the treatment of foreign-issued stablecoins in the U.S. market.
Tether's Washington campaign focused on issues such as reciprocal regulatory arrangements, anti-money laundering requirements, and compliance timelines for foreign issuers seeking access to the U.S. market.
The investigation comes over a year after Tether CEO Paolo Ardoino attended the White House ceremony marking President Donald Trump's signing of the GENIUS Act, where he praised the administration's embrace of digital assets.