A venture capitalist, Vance Spencer, has criticized proposals to restrict international stablecoin issuers from accessing the U.S. treasury market. He argues that blocking these issuers does not preserve the U.S. dollar's dominance or address the national debt problem. The debate over the regulatory framework for stablecoins in the United States is ongoing, with one proposed bill requiring issuers to hold U.S. Treasuries. If passed, this could impact stablecoin issuers like Tether. Spencer believes that a hostile regulatory stance would only regulate the U.S. out of the stablecoin market. His criticism is shared by U.S. diplomat Richard Grenell and Chris Buskirk of 1789 Capital. Tether CEO Paolo Ardoino criticized rival stablecoin issuers for undermining USDT, vowing to protect those who rely on the traditional financial system.



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