Tether's Lobbying Efforts Scrutinized in Bloomberg Investigation
Bloomberg's latest investigation delves into Tether's lobbying efforts surrounding the GENIUS Act, a landmark U.S. legislation establishing a federal regulatory framework for payment stablecoins.
The report, based on interviews with current and former U.S. officials, industry participants, court filings, and other records, reveals that Tether executives and advisers actively sought to shape provisions of the bill.
Tether's efforts focused on issues such as compliance requirements for overseas issuers, reserve rules, and the treatment of foreign-issued stablecoins in the U.S. market.
The GENIUS Act ultimately established a framework that differs from earlier legislative proposals, with debates centering on how overseas stablecoin issuers would comply with U.S. requirements.