With Trump In Power, Foreign Crypto Companies Make Inroads in US
Last month, Paolo Ardoino, the chief executive of the cryptocurrency company Tether, joined business executives and U.S.lawmakers for a private lunch at the Willard, a luxury hotel near the White House.For years, Tether had faced accusations that it lied about its finances and allowed crime to flourish on its platform.
But at the Willard, Mr.Ardoino and other crypto leaders were warmly greeted by Senator Bill Hagerty, a Tennessee Republican on the Senate Banking Committee, who attended the lunch and participated in a group discussion about digital currency regulations and national security, according to four people with knowledge of the event.The episode was a sign of the changing landscape for crypto firms as President Trump has embraced the industry.
Once an elusive overseas operator with little public footprint in the United States, Tether is capitalizing on the shift to establish a presence in Washington.Since Mr.Trump’s inauguration, Tether has pushed to reshape crypto regulations as it considers starting an operation in the United States.
The company’s main product is a cryptocurrency known as a stablecoin, which is designed to maintain a price of $1.Tether is pushing Congress to influence a Senate bill, introduced this year by Mr.
Hagerty, that outlines rules for stablecoins.And it has launched a public-relations campaign that featured ads in an insider Washington publication trumpeting its cooperation with U.S.
law enforcement.For years, Tether had been regarded with suspicion.Its stablecoin has proved to be a popular tool for criminals.
In 2021, it paid $18.5 million to settle a fraud investigation by the New York attorney general.But within days of taking office, Mr.Trump, who started a crypto business with his sons last year, ended a Biden administration crackdown on digital assets.
Crypto companies that once avoided the country, fearful of regulatory sanctions, now enjoy astonishing access to Congress and the White House.We are having trouble ...