Tether and Bitfinex announced that Stuart Hoegner, their general counsel, has retired and that Michael Hilliard will step in to lead the companies’ legal operations.
Hoegner, who joined Bitfinex in 2014, was instrumental in helping the stablecoin issuer and exchange resolve complex regulatory issues.
Hoegner and Hilliard co-led the legal efforts of both companies for several years, playing critical roles in resolving compliance and regulatory issues. Paolo Ardoino, CEO of Tether commented: “Stu’s contributions to Tether and Bitfinex have been immeasurable, and we are deeply grateful for his years of dedicated service. »
The leadership transition comes as the European Union’s Markets in Crypto-Asset (MiCA) regulation comes into full force, creating a stricter regulatory framework for stablecoin issuers. MiCA imposes reserve and liquidity requirements for stablecoins like Tether’s USDT.
Ardoino, who is also CTO of Bitfinex, highlighted Hilliard’s ability to guide companies into their next phase of growth.
In 2023, Tether parted ways with its long-time and particularly discreet CEO, Jean-Louis van der Velde. However, he retained his position as CEO at Bitfinex, a cryptocurrency exchange that shares close ties with Tether, with both overseen by Hong Kong-based parent company Ifinex.
Ardoino’s journey in the world of cryptocurrencies began in 2014 with Bitfinex and later, in 2017, he took on the role of CTO at Tether. His predecessor, van der Velde, remained largely out of the public eye throughout his tenure, leading to some criticism of Tether’s transparency. This reluctance was seen by many as symbolic of the company’s general lack of openness.
Conversely, Ardoino has often acted as the public face of Tether, frequently engaging in media and participating in podcasts, often speaking out to address concerns and criticism directed at Tether and its USDT token.
According to Tether’s recent reserves report, the company holds excess capital of $3.29 billion across 15 different blockchain ecosystems. With the exception of Algorand and Polygon, Tether is allowed to issue USDT tokens in large quantities.
