- Advisers to former President Trump, Howard Lutnick and Bo Hines, allegedly influenced the GENIUS Act to favor Tether, the largest stablecoin issuer.
- The legislation, despite Democratic opposition citing AML concerns and potential misuse by sanctioned actors, included provisions favorable to Tether, such as a longer compliance grace period.
- Critics warn that loopholes in the final act could undermine US anti-money-laundering enforcement and the dollar's global standing, while Tether and the White House defend the process.
Topics: Legal regulatory, Jurisdictions, Institutional adoption, 3 1 securities law classification, 3 3 investor protection disclosure, 2 1 established hubs, 2 4 cross jurisdictional policy, 7 1 asset manager initiatives
Tags: #tether #geniusact #stablecoinlegislation #howardlutnick #bohines #conflictsofinterest #aml #regulatoryloopholes #cantorfitzgerald #trumpadministration
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