Benzinga - Stablecoin firm Circle Internet Financial, which issues USD Coin (CRYPTO: USDC), Thursday announced that it has enlisted the services of Heath Tarbert, a former regulator, as its chief legal officer and head of corporate affairs.
This strategic acquisition comes at a time when Circle, which manages almost $30 billion in USDC stablecoin in partnership with Coinbase, is attempting to find its bearings in an increasingly antagonistic regulatory environment for cryptocurrencies in the United States.
Navigating Turbulent Waters
Tarbert boasts a distinguished career, with tenures in notable institutions such as Citadel Securities and the World Bank.
His most notable role was as the chairman of the Commodity Futures Trading Commission (CFTC), an entity that has been vying for a more substantial role in the oversight of cryptocurrency markets.
Tarbert's background and network are expected to equip Circle with the much-needed knowledge and vital liaisons in Washington, DC.
Circle's co-founder and CEO, Jeremy Allaire, expressed his enthusiasm in welcoming Tarbert to the team.
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He stated, "The opportunity to welcome Heath's expertise and leadership to our executive team is an extraordinary step in Circle's growth as a global company. As we continue building a bridge between traditional finance and Web3, Heath's perspective, legal acumen, and global regulatory experience will help us advance the utility value of USDC worldwide."
A Vision For The Future Of Finance
Tarbert himself is eager to contribute to Circle's ambitions. He remarked, "I've long been intrigued by both Jeremy Allaire's vision of moving money safely at internet speed and Circle's tangible accomplishments as a respected, trusted global leader in payments with a regulatory-first approach. I'm thrilled by the opportunity to help Circle's efforts to evolve the global financial system and encourage policymakers to establish sound rules for digital assets that provide clarity, coherence, and protection for people and businesses."
Uphill Battle Ahead
However, the road ahead is not devoid of challenges. Circle, with Tarbert at its legal and corporate helm, may face an uphill battle in advocating for a favorable regulatory framework for stablecoins.
Recent attempts to progress crypto legislation in Congress have been impeded, mainly due to the repercussions of the FTX scandal which resulted in significant losses for investors and implicated numerous politicians.
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