Tether, the operator of the USDt stablecoin, has criticized JPMorgan analysts for suggesting that it may need to sell Bitcoin to comply with US stablecoin regulations.
Proposed Stablecoin Regulations in the US
Senator Bill Hagerty introduced the GENIUS Act to establish a federal licensing and supervisory framework for stablecoins. This was followed by the STABLE Act draft by House Member French Hill and Representative Bryan Steil. Both aim to regulate stablecoin reserves and assets.
Stricter Reserve Requirements under STABLE Act
JPMorgan analysts highlighted that reserve requirements under the STABLE Act are stricter, allowing only insured deposits and other specified financial instruments.
Tether's Response to JPMorgan's Conclusions
Tether stated that it is closely monitoring the evolution of stablecoin bills and engaging with local regulators. They added that JPMorgan analysts are mistaken about the need for Tether to sell Bitcoin.
Despite analysts' assumptions, Tether remains confident in its financial stability and critical of recent JPMorgan conclusions about the need to divest assets to comply with US regulations.
