As parallel stablecoin bills race through the House and Senate to floor votes, questions have abounded over the fate of Tether, by far the market’s largest player.

As currently written, both the House’s STABLE Act and the Senate’s GENIUS Act would require foreign stablecoin issuers like Tether—which is headquartered in El Salvador—to comply with the stringent anti-money laundering requirements of the Bank Secrecy Act, and vigorous audits of their reserves.

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