How Has Tether Influenced The Approval Of GENIUS Act?

Tether’s influence in cryptographic space has developed considerably in recent years, in particular T1 this year. Although Tether has not publicly approved any political bill, his presence on the market had an involuntary impact.

With the rise of stablecoins and the dominant role of Tether, it is clear that Tether’s position has influences on global financial markets and even within American politics.

The attachment has an influence

Currently, Tether is one of the biggest holders of American treasure bills in the world. With more than $ 120 billion in US treasury bills, Tether approaches the size of certain countries such as Germany in terms of participation.

The capacity of a single company to have such substantial assets gives TETHER a unique influence on the global financial markets. This huge holding company suggests that TETH’s actions and decisions can shape political discourse, in particular with regard to policies related to finance and cryptocurrency.

Tether also dominates the Stablescoin market, controlling 62% of its total value. With a market capitalization of $ 156 billion, Tether is the share of the Stablecoin market of $ 251.8 billion. Despite its significant presence on the market, Tether has remained cautious about direct political participation.

Tracy Jin, COO of Mexc, told Beincrypto exclusively that Tether prefers to remain neutral on political issues, avoiding public interventions.

“Tether does not have the same presence of lobbying in Washington as companies based in the United States such as Circle or Coinbase. What she has is the seriousness of the undeniable market. With 120 billion dollars stationed in treasure, Tether’s financial imprint in the American economy is already there, regardless of where the company is recorded.

She added that the USDT issued by the attachment could be a factor of interest in the global economy.

“Some officials can see the USDT as a net positive for the global scope of the dollar – a kind of Trojan horse that exports monetary influence in certain parts of the world where the traditional banking system does not reach. This story could have made temptation less threatening and more strategically useful. ”

The avoidance by TETHER of direct political engagement is remarkable because it allows the company to maintain a more independent position on the market for volatile cryptography. Despite this, Jin added that Tether’s influence cannot be underestimated.

“I do not believe that Tether has directly designed the progress of the bill, but its pure scale has absolutely influenced the emergency … Tether has essentially become a systemic player relevant on the global markets. When a private stable transmitter has more American debt than most countries, it forces regulators to carefully look at the ecosystem in which they operate. ”

Does the act of genius receive a special treatment?

The law on engineering quickly obtained the support of the liberal and conservative parties, which makes it one of the most widely supported cryptocurrency bills. Last week, the Genius Act adopted the voting of the cup and is now awaiting the final vote of the Senate. This decision places it on the right track to become the very first cryptography bill to be approved in the United States, probably during this week.

Tracy Jin noted that the race to become a Pro-Crypto country probably feeds the urgency that accelerated the approval of the engineering law.

“The United States has seen Europe go ahead with mica, and it was alarm. The act of genius allows America to intervene and define what a stable consistent with the Republicans looks like. Utility and banks are more involved.

While the bill is heading for a final vote, it is clear that the support it has received reflects the growing importance of stabbles as attached to the world economy.