Paolo Ardoino, the CEO of Tether, faced criticism for the company's choice not to pursue registration under the European Union’s Markets in Crypto-Assets (MiCA) framework. Ardoino argued that these regulations pose risks specifically for stablecoins. During an interview at the Token2049 conference in Dubai, he emphasized that Tether has no intention of applying for compliance to the MiCA for its US dollar-pegged stablecoin, USDT, due to potential repercussions like exchanges delisting the stablecoin. Ardoino expressed concerns about a prevailing 'fear of compliance' among crypto firms in the EU as they navigate the new regulations that took effect in December 2024. As a response to MiCA, many exchanges have taken steps to ensure they only list compliant tokens. Furthermore, Ardoino indicated that Tether's strategy for the U.S. market would require different products to compete with local stablecoin issuers, acknowledging the broader inevitability of countries building up Bitcoin reserves.

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