Circle, the fintech firm behind one of crypto’s largest stablecoins, recently appointed Heath Tarbert as its new chief legal officer, with Tarbert set to start in July. With decades of experience spanning all three branches of the U.S. government, international leadership posts, and private sector firms, Tarbert’s expertise could prove invaluable to Circle. In fact, Circle CEO Jeremy Allaire described Tarbert’s hiring as an “extraordinary step in Circle’s growth as a global company.”
This move comes at a time when stablecoin legislation in the U.S. may significantly impact Circle’s standing. The market capitalization of Circle’s stablecoin, USDC, has been on a decline, and the company believes that comprehensive payment stablecoin legislation is necessary to prevent similar incidents in the future. Circle maintains that such regulation would help restore confidence in both the US dollar and dollar digital assets.
As legal challenges and regulatory enforcements actions against crypto exchanges like Coinbase and Circle’s main competitor Tether persist, Circle hopes that their by-the-book approach will put them on top in the event of regulation coming to crypto and stablecoins. However, it would also potentially open the door to a storm of formidable competition.
Allaire has stated that Circle has long advocated for regulation that would insulate the base layer of internet money and payment systems from fractional reserve banking risks. Circle’s commitment to regulation is also evident in its lobbying efforts on Capitol Hill for potential stablecoin bills.
While Tarbert’s extensive experience within Washington D.C. will most certainly be beneficial to Circle, Allaire believes his background in international organizations like the World Bank and the International Organization of Securities Commissions will also prove crucial. He stated that a critical part of the path forward is building durable relationships with governments around the world, which Tarbert can help drive forward.
However, amidst these developments, recent on-chain data related to USDC suggested the crypto market could face turbulence. Analyst Brett Singer from the blockchain data firm Glassnode noted that around 15,000 wallets sold their USDC within a five-hour window on Thursday, a rare occurrence that he said has only happened a few times historically. Time will tell whether these fluctuations impact Circle’s goals, but for now, the company appears poised to navigate the challenges ahead.
Source: Decrypt
