A potential new bill aimed at regulating the stablecoin market could significantly impact Tether, with concerns arising about its influence and fairness. Paolo Ardoino, CEO of Tether, has voiced his skepticism regarding this proposed legislation. According to Vance Spencer, co-founder of Framework Ventures, a upcoming markup for the bill is expected to restrict access to U.S. Treasury markets for foreign stablecoin issuers like Tether. This move could limit their ability to use key reserve assets. The bill’s impact on Tether’s operations has sparked debate about potential regulatory capture, with some speculating that Circle, Tether’s biggest competitor in the stablecoin market, might be behind these efforts. Ardoino contends that his company is being targeted for its success and asserts that any attempt to stifle its growth would ultimately hinder financial inclusion across emerging markets. While a specific bill remains unclear, the impact of such legislation could significantly alter the global stablecoin landscape and may even result in a decline of Tether’s dominance.