Tether's General Counsel Steps Down Amid MiCA Regulations
Date: 2025-01-03 Author: Gabriel Deangelo Categories: BUSINESS
The general counsel of Tether, the USDT stablecoin issuer, and the Bitfinex crypto exchange, Stuart Hoegner, has stepped down. He has been replaced by Michael Hilliard, with whom he has worked closely with for several years on the legal side of both companies.
The MiCA law that came into effect on December 30 was a key driver of the changes. The new European Union regulation sets strict requirements for stablecoin issuers, including meeting reserve and liquidity standards.
Hoegner was previously instrumental in steering Tether and Bitfinex through a complex regulatory environment. His tenure at Bitfinex began in 2014, as reflected in his LinkedIn profile. His contributions have been praised by the companies' management. Tether CEO and Bitfinex CTO Paolo Ardoino noted that Hoegner's work has been an important part of their growth. Ardoino expressed confidence that under Hilliard's leadership, the companies will continue to grow and innovate.
Bitfinex continues to strengthen its position in the market. In November, the exchange's spot trading volume increased by 218%, reaching $13.6 billion. The platform also recorded a 53% increase in traffic, which amounted to 840,000 users. The bulk of traffic came from Russia, Germany, and the United States, each of which accounted for about 10% of visits.
New legal leadership at Tether and Bitfinex promises to maintain momentum and meet new challenges in the industry amid strict MiCA requirements.
