Bloomberg has published an investigation into Tether’s role in negotiations that preceded the passage of the GENIUS Act, alleging that the stablecoin issuer sought to influence provisions in the landmark U.S. legislation through lobbying, political relationships, and direct engagement with policymakers.

According to Bloomberg, the investigation is based on interviews with current and former U.S. officials, industry participants, court filings, and other records. The report examines Tether’s interactions with key figures in the Trump administration, broader discussions around stablecoin regulation, and negotiations over provisions affecting foreign issuers.

The scrutiny is significant because stablecoins sit at the intersection of crypto markets, payments, banking oversight, and dollar-denominated liquidity. Tether’s USDT is one of the most widely used stablecoins globally, and the treatment of foreign-issued tokens under U.S. law has been a central question for policymakers seeking to regulate issuers whose products circulate in American markets.

Bloomberg outlines Tether’s Washington efforts

Bloomberg reported that Tether executives and advisers attempted to shape negotiations over the GENIUS Act while lawmakers were debating the first federal framework for payment stablecoins in the United States.

The publication said the company’s efforts centered on issues including compliance requirements for overseas issuers, reserve rules, and how foreign-issued stablecoins would be treated in the U.S. market.

The report also examined relationships involving Commerce Secretary Howard Lutnick and White House AI and crypto adviser David Sacks. Bloomberg said it reviewed court filings, financial disclosures, and other records, and also interviewed people familiar with the legislative negotiations.

Bloomberg further reported that the talks changed as lawmakers refined the bill. The debates included reciprocal regulatory arrangements, anti-money laundering requirements, and compliance timelines for foreign issuers seeking access to the U.S. market.

Report focuses on changes to stablecoin legislation

According to Bloomberg, several provisions in the final version of the GENIUS Act differed from earlier legislative proposals. The report said discussions focused on how overseas stablecoin issuers would meet U.S. requirements, the transition period before compliance obligations take effect, and the conditions under which foreign-issued stablecoins could continue operating in the country.

Those issues are especially consequential for companies that operate outside the United States but serve users, exchanges, and market participants that interact with dollar-based stablecoins. Legislative language governing reserves, compliance, and foreign issuer recognition can determine whether such tokens remain available through regulated U.S. channels and under what obligations.

Bloomberg noted that the legislation ultimately created the first federal regulatory framework for payment stablecoins in the United States, following months of negotiations among lawmakers, regulators, and industry participants.

Ardoino praised the GENIUS Act after White House signing

The investigation was published more than a year after Tether CEO Paolo Ardoino attended the White House ceremony where President Donald Trump signed the GENIUS Act.

In a post on X after the event, Ardoino thanked Trump for the invitation and said the administration’s embrace of digital assets could help expand USDT’s global adoption while strengthening the U.S. dollar’s international position.

At the time of writing, neither Ardoino nor Tether had publicly responded to Bloomberg’s investigation.