Jesse Hamilton is CoinDesk's deputy managing editor for global policy and regulation. He doesn't hold any crypto.
Stablecoin issuer Tether's CEO made a U.S. appearance to explain how helpful his company is being with law enforcement agencies and how he'll embrace government oversight.
Tether CEO Paolo Ardoino told a U.S. crowd on Tuesday that he's counting on sensible crypto regulations coming soon from the U.S."There is no place like the U.S.," he said via video link at DC Fintech Week in Washington."I think it's very, very important that sensible crypto regulations and stablecoin regulations will come to fruition in a way that will protect the end users," he said, predicting that would happen in the U.S.
Tether and its CEO have been making a recent case that the decade-old company is cooperating with governments after a history in which it was known more for defiance of such relationships. Ardoino, tuning into the event on his 40th birthday, argued that it would be difficult to find another financial firm that matches the level of law-enforcement cooperation and number of agency relationships that Tether has in 45 countries, including with the Federal Bureau of Investigation and the U.S.
He contended that the company's holdings would rival a mid-range country in its Treasuries portfolio, but it carries less risk to the U.S. because it doesn't represent a single entity that can buy or dump huge swaths of the market in one action.Ardoino said that Tether's non-U.S. focus makes sense, because people in the U.S. already have easy access to dollar-based assets, while such assets are urgently needed in other countries – especially those with massive inflation.
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