{"id":21683,"date":"2025-04-29T09:36:14","date_gmt":"2025-04-29T09:36:14","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/with-trump-in-power-foreign-crypto-companies-make-inroads-in-us\/"},"modified":"2025-04-29T09:36:14","modified_gmt":"2025-04-29T09:36:14","slug":"with-trump-in-power-foreign-crypto-companies-make-inroads-in-us","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/with-trump-in-power-foreign-crypto-companies-make-inroads-in-us\/","title":{"rendered":"With Trump In Power, Foreign Crypto Companies Make Inroads in US"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div data-testid=\"companionColumn-0\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Last month, Paolo Ardoino, the chief executive of the cryptocurrency company <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2022\/06\/17\/technology\/tether-stablecoin-cryptocurrency.html\" title=\"\">Tether<\/a>, joined business executives and U.S. lawmakers for a private lunch at the Willard, a luxury hotel near the White House.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">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.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The episode was a sign of the changing landscape for crypto firms as <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2025\/04\/23\/technology\/trump-private-dinner-crypto-memecoin.html\" title=\"\">President Trump has embraced the industry<\/a>. 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.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Since Mr. Trump\u2019s inauguration, Tether has pushed to reshape crypto regulations as it considers starting an operation in the United States. The company\u2019s main product is a cryptocurrency known as a stablecoin, which is designed to maintain a price of $1. Tether is <a class=\"css-yywogo\" href=\"https:\/\/lda.senate.gov\/filings\/public\/filing\/a54bed7c-65ff-4518-9b4e-82c8ea389b98\/print\/\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">pushing<\/a> Congress to influence a Senate bill, <a class=\"css-yywogo\" href=\"https:\/\/www.hagerty.senate.gov\/press-releases\/2025\/02\/04\/hagerty-leads-legislation-to-establish-a-stablecoin-regulatory-framework\/\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">introduced<\/a> 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 <a class=\"css-yywogo\" href=\"https:\/\/x.com\/mikulaja\/status\/1899449658977681423\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">trumpeting<\/a> its cooperation with U.S. law enforcement.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-1\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">For years, Tether had been regarded with suspicion. Its <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2021\/09\/17\/business\/economy\/federal-reserve-virtual-currency-stablecoin.html\" title=\"\">stablecoin<\/a> has proved to be a <a class=\"css-yywogo\" href=\"https:\/\/www.int-comp.org\/insight\/stablecoins-the-new-epicentre-of-crypto-fraud\/\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">popular tool<\/a> for criminals. In 2021, it paid $18.5 million to <a class=\"css-yywogo\" href=\"https:\/\/ag.ny.gov\/sites\/default\/files\/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">settle<\/a> a fraud investigation by the New York attorney general.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">But within days of taking office, Mr. Trump, who started a <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2024\/09\/16\/technology\/trump-crypto-world-liberty-financial.html\" title=\"\">crypto business<\/a> 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.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">No crypto executive has illustrated the shift more than Mr. Ardoino, an Italian who had never visited the United States until this year. On his trip to Washington in March, he met with lawmakers, joined a forum <a class=\"css-yywogo\" href=\"https:\/\/x.com\/Cointelegraph\/status\/1897759080388726914\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">hosted<\/a> by the Commodity Futures Trading Commission and mingled with fellow executives at a party sponsored by Coinbase, a crypto exchange.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-2\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">In recent interviews and social media posts, Mr. Ardoino has <a class=\"css-yywogo\" href=\"https:\/\/fortune.com\/crypto\/2025\/04\/01\/tethers-ceo-says-his-144-billion-stablecoin-is-good-for-the-u-s-dollar-is-he-right\/\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">cast himself<\/a> as a simple foreigner enjoying a scenic tour of America, posting pictures of himself at the U.S. Capitol and the White House and recounting visits to the Central Park Zoo and the Museum of Natural History.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-3\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">\u201cI\u2019m very na\u00efve,\u201d he said in an interview with The New York Times. \u201cThere should be a movie on an Italian in New York for the first time at 40 years old.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Privately, Mr. Ardoino has boasted that Tether has powerful allies. The firm\u2019s most prominent business partner is the investment bank Cantor Fitzgerald, which until this year was run by <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2025\/02\/18\/us\/politics\/howard-lutnick-confirmed-commerce.html\" title=\"\">Howard Lutnick<\/a>, now Mr. Trump\u2019s commerce secretary. One of Tether\u2019s main lobbyists is Jeff Miller, an <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2023\/02\/03\/us\/politics\/jeff-miller-lobbyist-kevin-mccarthy.html\" title=\"\">influential figure in Republican politics<\/a> who <a class=\"css-yywogo\" href=\"https:\/\/lda.senate.gov\/filings\/public\/filing\/beb65e94-94fa-404f-81f9-6a7ad03b960f\/print\/\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">also represents Cantor Fitzgerald<\/a> in discussions about the stablecoin bill.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">On his recent trip, Mr. Ardoino said, he also met with Zach Witkoff, a leader of Mr. Trump\u2019s crypto company, World Liberty Financial, and a son of the White House envoy to the Middle East. And Tether has turned for advice to Watchtower Strategy, a corporate public affairs firm whose founders include Mr. Miller and Kevin McCarthy, the former Republican speaker of the House.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cWe met Kevin a few times,\u201d Mr. Ardoino said. \u201cWe are in good relationship.\u201d He did not meet with Mr. Lutnick because \u201cwe are respecting the line of not engaging with Howard while he is in the administration,\u201d he added.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-4\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">A representative for Mr. Lutnick did not respond to a request for comment.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">In a statement, Mr. Miller called Tether \u201cthe ultimate American ally\u201d and said he was \u201cproud to represent them.\u201d A spokesman for Mr. Hagerty said the senator attended the lunch in March \u201cto speak about digital assets and the nexus of national security.\u201d<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-5\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Even in the wild world of crypto, Tether\u2019s origin story stands out for its cast of characters. The company was founded 11 years ago by a former child actor, Brock Pierce. Mr. Pierce and a business partner later handed control of the firm to Giancarlo Devasini, an Italian who used to work as a plastic surgeon.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Now a crypto <a class=\"css-yywogo\" href=\"https:\/\/www.forbes.com\/profile\/giancarlo-devasini\/\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">billionaire<\/a>, Mr. Devasini <a class=\"css-yywogo\" href=\"https:\/\/www.wsj.com\/finance\/currencies\/who-is-giancarlo-devasini-tether-jeremy-allaire-circle-90a408b9\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">lives<\/a> in Switzerland and rarely speaks publicly. For much of the past decade, Mr. Ardoino, a former software developer who joined a Tether affiliate in <a class=\"css-yywogo\" href=\"https:\/\/tether.io\/news\/tether-appoints-paolo-ardoino-as-ceo\/\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">2014<\/a>, has served as the company\u2019s public face.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Tether\u2019s product is designed to address a key shortcoming of traditional cryptocurrencies, which constantly swing in value, making them inconvenient to use for payments and other standard transactions. Because stablecoins maintain a price of $1, many crypto investors prefer using them for trades.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">In many ways, Tether and other issuers operate like banks. A trader deposits $500 and receives 500 stablecoins; the issuer generates revenue by investing a portion of those deposits and keeping any returns for itself. But the system works only if the issuer has $1 in reserve for each coin it sends into circulation, allowing customers to redeem their holdings at any time.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-6\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">For years, Tether\u2019s critics <a class=\"css-yywogo\" href=\"https:\/\/www.bloomberg.com\/news\/features\/2021-10-07\/crypto-mystery-where-s-the-69-billion-backing-the-stablecoin-tether?sref=zVYYYI5e\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">pointed to evidence<\/a> that the money it held in reserve would be <a class=\"css-yywogo\" href=\"https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8450-21\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">insufficient<\/a> to cover a surge of redemptions. When the New York attorney general\u2019s office announced the 2021 settlement, it <a class=\"css-yywogo\" href=\"https:\/\/ag.ny.gov\/press-release\/2021\/attorney-general-james-ends-virtual-currency-trading-platform-bitfinexs-illegal#:~:text=An%20agreement%20with%20iFinex%2C%20Tether,of%20steps%20to%20increase%20transparency.\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">said<\/a> Tether had lied about the composition of its reserves and called its cryptocurrency \u201ca stablecoin without stability.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cTether\u2019s reputation should concern everybody,\u201d Representative Maxine Waters of California, the top Democrat on the House Financial Services Committee, said in an interview.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Still, Tether has repeatedly <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2022\/06\/17\/technology\/tether-stablecoin-cryptocurrency.html\" title=\"\">weathered downturns<\/a>. The company now publishes <a class=\"css-yywogo\" href=\"https:\/\/assets.ctfassets.net\/vyse88cgwfbl\/6L2yLNnLltcCP6ZcTxJrll\/aea0ec279fea08637445c8be57f63d87\/ISAE_3000R_-_Opinion_on_Tether_Consolidated_Financials_Figures_31.12.2024.pdf\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">audits<\/a> of its accounts, showing that roughly two-thirds of its reserves, or about $94 billion, are invested in U.S. Treasury bills.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Last year, Tether <a class=\"css-yywogo\" href=\"https:\/\/tether.io\/news\/tether-hits-13-billion-profits-for-2024-and-all-time-highs-in-u-s-treasury-holdings-usdt-circulation-and-reserve-buffer-in-q4-2024-attestation\/\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">recorded<\/a> profits of more than $13 billion, making it one of the world\u2019s wealthiest crypto operations. In December, it <a class=\"css-yywogo\" href=\"https:\/\/www.globenewswire.com\/news-release\/2025\/02\/07\/3023012\/0\/en\/Rumble-Closes-775-Million-Strategic-Investment-from-Tether-and-Related-Tender-Offer.html\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">invested<\/a> $775 million in Rumble, a right-wing streaming platform that has worked closely with Trump Media &amp; Technology Group, the president\u2019s social media company. It also <a class=\"css-yywogo\" href=\"https:\/\/x.com\/paoloardoino\/status\/1879533178324656133\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">unveiled plans<\/a> to build a headquarters called Tether Tower in El Salvador.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Tether\u2019s most powerful U.S. ally is Mr. Lutnick. Cantor Fitzgerald holds billions of dollars of Tether\u2019s U.S. Treasuries, giving the crypto firm a sheen of mainstream credibility. At a Bitcoin conference last summer, Mr. Lutnick told the crowd that he could personally confirm that Tether\u2019s coins were fully backed.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-7\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">\u201cWe found every penny,\u201d he <a class=\"css-yywogo\" href=\"https:\/\/www.youtube.com\/watch?v=IjR3Hj0aRW4\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">said<\/a> at the event.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-8\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">After Mr. Lutnick was confirmed as commerce secretary, he <a class=\"css-yywogo\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-02-20\/howard-lutnick-gives-top-cantor-fitzgerald-jobs-to-sons-brandon-kyle?embedded-checkout=true&amp;sref=zVYYYI5e\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">turned over<\/a> control of Cantor Fitzgerald to his sons. Now Cantor Fitzgerald and Tether are working with Mr. Miller, the lobbyist, to shape stablecoin rules in Washington, according to <a class=\"css-yywogo\" href=\"https:\/\/lda.senate.gov\/filings\/public\/filing\/a54bed7c-65ff-4518-9b4e-82c8ea389b98\/print\/\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">lobbying disclosure<\/a> <a class=\"css-yywogo\" href=\"https:\/\/lda.senate.gov\/filings\/public\/filing\/beb65e94-94fa-404f-81f9-6a7ad03b960f\/print\/\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">forms<\/a>. The Senate version of the stablecoin legislation, the GENIUS Act, lays out guidelines for U.S. issuers to ensure that the firms maintain proper reserves.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">But the legislation, formally the Guiding and Establishing National Innovation for U.S. Stablecoins Act, includes a clause that would allow foreign issuers to sell their coins without following the new rules as long as they complied with certain law enforcement requests. At a recent Banking Committee hearing, Democratic senators criticized that clause, calling it a \u201cgiant loophole\u201d to help Tether.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cIt seems that my Republican colleagues are worried about facing backlash from one of Donald Trump\u2019s close friends and our nation\u2019s commerce secretary,\u201d Senator Elizabeth Warren, Democrat of Massachusetts, <a class=\"css-yywogo\" href=\"https:\/\/www.youtube.com\/watch?v=VdB9ccYMS3g&amp;t=2391s\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">said<\/a> at the hearing.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Ultimately, the Banking Committee <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2025\/04\/12\/technology\/crypto-congress-financing-lobbying.html\" title=\"\">voted<\/a> to advance the bill to the full Senate.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">In the interview, Mr. Ardoino said he was \u201cvery excited\u201d to see the language in the GENIUS Act requiring cooperation with law enforcement, because his company already works closely with the U.S. authorities. Tether is considering opening a U.S. arm, he said, and offering a \u201cdomestic stablecoin\u201d tailored to financial institutions.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-9\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Mr. Ardoino plans to return to the United States frequently. He called Washington \u201cvery clean,\u201d though he had reservations about the food. And he said he relished the prospect of challenging U.S. crypto firms on their own turf.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cHow fun that would be,\u201d Mr. Ardoino said.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.nytimes.com\/2025\/04\/29\/technology\/trump-crypto-tether.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last month, Paolo Ardoino, the chief executive of the cryptocurrency company Tether, joined business executives and U.S. lawmakers for a<\/p>\n","protected":false},"author":1,"featured_media":21684,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[735,6507,123,6509,2348,6513,6512,101,2347,6511,3335,6508,219,4718,111,176,1364,6510],"class_list":["post-21683","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-banking-and-financial-institutions","tag-coins","tag-computers-and-the-internet","tag-hagerty","tag-howard-w","tag-jeff-1974","tag-kevin-1965","tag-law-and-legislation","tag-lutnick","tag-mccarthy","tag-miller","tag-paolo-ardoino","tag-regulation-and-deregulation-of-industry","tag-tether-operations-ltd","tag-united-states-politics-and-government","tag-virtual-currency","tag-washington-dc","tag-william-f"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>With Trump In Power, Foreign Crypto Companies Make Inroads in US - World News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/site.itshrt.com\/worldnews\/with-trump-in-power-foreign-crypto-companies-make-inroads-in-us\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"With Trump In Power, Foreign Crypto Companies Make Inroads in US - World News\" \/>\n<meta property=\"og:description\" content=\"Last month, Paolo Ardoino, the chief executive of the cryptocurrency company Tether, joined business executives and U.S. lawmakers for a\" \/>\n<meta property=\"og:url\" content=\"https:\/\/site.itshrt.com\/worldnews\/with-trump-in-power-foreign-crypto-companies-make-inroads-in-us\/\" \/>\n<meta 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