{"id":20413,"date":"2023-06-09T08:05:07","date_gmt":"2023-06-09T12:05:07","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/circle-usdc-issuer-taps-ex-regulator-as-chief-legal-officer-in-regulatory-push\/"},"modified":"2023-06-09T08:05:09","modified_gmt":"2023-06-09T12:05:09","slug":"circle-usdc-issuer-taps-ex-regulator-as-chief-legal-officer-in-regulatory-push","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=20413","title":{"rendered":"Circle USDC-Issuer Taps Ex-Regulator as Chief Legal Officer in Regulatory Push"},"content":{"rendered":"
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Circle, the US-based company behind the stablecoin USDC, has tapped former Commodity Futures Trading Commission (CFTC) chair Heath Tarbert as its new Chief Legal Officer as it pushes for more regulatory clarity in the US.<\/p>\n

In a press release, Circle said Heath Tarbert will help Circle build a bridge between traditional finance (TradFi) and web3, and that his regulatory experience will push forward the adoption of USDC across the globe.<\/p>\n

\u201cThe opportunity to welcome Heath\u2019s expertise and leadership to our executive team is an extraordinary step in Circle\u2019s growth as a global company,\u201d Circle CEO Jeremy Allaire said.<\/p>\n

Tarbert, who will officially join Circle in July, is coming from his role as chief legal officer for the TradFi market making giant Citadel Securities.<\/p>\n

According to his LinkedIn profile, he has also previously worked in various branches of the US government, including the CFTC, the Treasury Department, Justice Department, Supreme Court, Senate Banking Committee, and the White House.<\/p>\n

Tarbert\u2019s experience was highlighted in Circle\u2019s press release, which said he \u201cbrings decades of experience from all three branches of U.S. government, international leadership posts, and private sector firms to Circle.”<\/p>\n

Circle CEO on cover of Forbes<\/h2>\n

The announcement from Circle that Tarbert is joining the firm came as Jeremy Allaire appeared on the front page of Forbes Magazine, making the case for more and better regulation of the crypto sector.<\/p>\n

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Allaire argued in the piece that a new and comprehensive bill on stablecoins will not even be a threat to existing, who will instead join in and become part of the new digital economy.<\/p>\n

\u201cWith a bill like this we’ll end up doing more business with banks than we currently do,\u201d Allaire told Forbes, while adding:<\/p>\n

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\u201cThe banks can’t get involved in this because they’re not authorized, there’s no clear path, and they can’t hold stablecoins on their balance sheets because there’s no way for them to do that under the current rules. So this will actually increase bank adoption of USDC.\u201d<\/p>\n<\/blockquote><\/div>\n