Tether And Bitfinex General Counsel Stuart Hoegner Retires

Tether and Bitfinex announced that Stuart Hoegner, their General Counsel, has retired, with Michael Hilliard stepping into the role to lead the companies’ legal operations.

Hoegner, who joined Bitfinex in 2014, has been instrumental in helping the stablecoin issuer and exchange through complex regulatory issues.

Hoegner and Hilliard co-led the legal efforts of both companies for several years, playing pivotal roles in addressing compliance and regulatory challenges. Tether CEO Paolo Ardoino commented, “Stu’s contributions to both Tether and Bitfinex have been immeasurable, and we are deeply grateful for his years of dedicated service.”

The leadership transition occurs as the European Union’s Markets in Crypto-Assets (MiCA) regulation takes full effect, creating a stricter regulatory framework for stablecoin issuers. MiCA mandates reserve and liquidity requirements for stablecoins like Tether’s USDT.

Ardoino, who also serves as CTO of Bitfinex, highlighted Hilliard’s ability to guide the companies through their next phase of growth.

In 2023, Tether parted ways with its long-standing and notably discreet CEO, Jean-Louis van der Velde. However, he retained his CEO position at Bitfinex, a crypto exchange that shares close ties with Tether, both being overseen by the Hong Kong-based parent firm, Ifinex.

Ardoino’s journey in the cryptocurrency realm began in 2014 with Bitfinex and later, in 2017, he assumed the role of CTO at Tether. His predecessor, van der Velde, remained largely out of the public eye throughout his tenure, leading to some critiques about Tether’s transparency. This reticence was seen by many as symbolic of the company’s overall lack of openness.

Contrastingly, Ardoino has often acted as the public face of Tether, frequently engaging with the media and participating in podcasts, often stepping up to address concerns and criticisms directed at Tether and its USDT token.

According to Tether’s recent reserves report, the company holds a surplus in shareholder capital cushion of $3.29 billion across 15 different blockchain ecosystems. With the exception of Algorand and Polygon, Tether has the authorization to issue USDT tokens in large quantities.