Treasury Stablecoin Rule May Force US Exchanges to Delist Tether

The significance lies less in Tether's fate than in the mechanism: a Treasury rulemaking, not a court or Congress, could determine which stablecoins remain tradable on US venues. That shifts compliance risk onto exchanges, which must weigh delisting against enforcement exposure. The MiCA parallel matters because it suggests a template already tested in Europe, though its transferability to the US market is unproven. Whether the proposal hardens into a delisting trigger, or gets softened in comment, is the open question.