Tether pushed hard to influence key parts of the GENIUS Act as lawmakers hashed out the first-ever federal rules for payment stablecoins. According to Bloomberg’s investigation, the stablecoin issuer engaged extensively with policymakers, leveraging political ties and lobbying efforts to shape the legislation.
Drawing from interviews with current and former US officials, industry insiders, and court records, Bloomberg traced Tether’s behind-the-scenes role in negotiations under the Trump administration. Their focus was sharp on provisions covering compliance for foreign stablecoin issuers, reserve standards, and how overseas-issued stablecoins would operate within the US market.
Tether’s Washington Campaign
Executives and advisers from Tether actively sought to steer the bill’s language, especially around anti-money laundering rules and timelines for foreign entities to meet US regulations. Bloomberg’s report reveals intricate connections, including those involving Commerce Secretary Howard Lutnick and White House advisor David Sacks, highlighting how Tether’s interests were woven into the legislative process.
As talks progressed, lawmakers adjusted provisions governing reciprocal regulatory arrangements and the duration before stablecoin issuers must comply fully with new standards. These discussions resulted in notable shifts from earlier proposals, reflecting Tether’s lobbying impact.
This investigation surfaced more than a year after Tether CEO Paolo Ardoino was pictured at the White House during President Trump’s signing of the bill. Following the event, Ardoino expressed optimism that the US government’s welcoming stance on digital assets could boost USDT’s global reach and reinforce the dollar’s standing.
So far, neither Ardoino nor Tether has responded publicly to Bloomberg’s detailed report.
