A sword of Damocles. According to the estimates of JPMorgan analysts, only 66% – 83% of Tether's reserves comply with the proposed stable currency regulations of the United States, which means Tether may need to restructure its assets, sell some bitcoins and other non compliant assets, and purchase US treasury bond bonds and liquid reserves instead. 1. The number of bitcoins that Tether may sell Tether currently holds approximately 83758 bitcoins with a market value of approximately $7.7 billion. If Tether needs to adjust its reserves to meet the proposed regulations in the United States, the amount of Bitcoin sold will depend on the proportion of non compliant assets in its reserves. Assuming Tether needs to increase its compliance ratio of reserves from 66% to 100%, it may need to sell approximately 17% -34% of its Bitcoin reserves, which are 14200-28500 bitcoins worth approximately $1.31-2.62 billion. What is the expected passage time for the proposed stablecoin regulations in the United States? I checked it. The specific timeline for this regulation is not yet clear. However, regulation of stablecoins is being strengthened globally, such as the EU's MiCA regulation which came into effect on June 30, 2024, imposing strict restrictions on the issuance and trading of stablecoins. The United States may refer to the practices of the European Union to accelerate the development and adoption of relevant regulations. The US stablecoin regulations may be passed between the second half of 2025 and early 2026, depending on the legislative process and the priority of regulatory agencies.