Investigation: Tether Lobbied to Shape GENIUS Act

An investigation found that Tether lobbied U.S. policymakers to influence provisions of the GENIUS Act, focusing on rules for foreign-issued stablecoins, reserve requirements and compliance timelines. The inquiry relies on interviews with current and former U.S. officials, industry participants, court filings, financial disclosures and other records.

Tether executives and advisers engaged with lawmakers while Congress debated the bill. Their outreach targeted specific language on how overseas stablecoin issuers would be treated in the U.S., reserve rules for issuers and the transition period before new compliance obligations take effect.

The outreach unfolded over several months of negotiations involving lawmakers, regulators and industry groups. Discussions addressed reciprocal regulatory arrangements for overseas companies, anti-money-laundering rules and the deadlines foreign issuers would face to meet U.S. standards.

The final GENIUS Act included provisions that differed from earlier drafts on how foreign issuers could gain access to the U.S. market and under what conditions foreign-issued stablecoins might continue operating in the country. Lawmakers revised compliance timelines and supervision as the bill moved toward passage, creating the first federal framework for payment stablecoins.

The investigation identifies interactions involving Commerce Secretary Howard Lutnick and White House AI and crypto adviser David Sacks. Records reviewed include court filings and financial disclosures that map the company’s outreach to Capitol Hill and the executive branch.

Tether CEO Paolo Ardoino attended the White House ceremony when the president signed the GENIUS Act more than a year after the reported lobbying. He posted on X thanking the president for the invitation and wrote that the administration’s embrace of digital assets could expand USDT adoption and strengthen the U.S. dollar’s international position.

At the time of publication, neither Ardoino nor Tether had issued a public response to the investigation.