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Stuart Hoegner, the veteran legal counsel of Tether and Bitfinex, has stepped back from his position. As a key advisor to both companies, he was instrumental in navigating them through various regulatory challenges.
Hoegner’s departure comes at a critical juncture for the industry, as the European Union’s MiCA regulation is set to take full effect soon. This new legislation will impose stricter requirements on stablecoin issuers like Tether, and many exchanges have already delisted USDT in anticipation of this development.
As one of the most prominent legal minds in the industry, Hoegner was instrumental in helping both companies navigate these regulatory hurdles. His departure is likely to have a significant impact on the direction and strategy of both entities.
Tether has faced numerous legal challenges in recent years, including a $850 million loss that was hidden from regulators. The company also agreed to an 18.5 million dollar settlement with the New York State Attorney General’s office. It is no surprise that Stuart Hoegner, who reportedly owns over 13% of Tether, has accumulated a wealth exceeding $2.5 billion.
Despite his departure, it remains to be seen how Tether and Bitfinex will adjust their strategy in the face of these new regulatory requirements.
Source: www.bitcoinbazis.hu
