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Tether has announced the appointment of a new Chief Financial Officer (CFO), Simon McWilliams, who will spearhead the company’s efforts in conducting a full financial audit. This move is seen as a significant step towards increasing transparency and regulatory compliance.
According to the official statement, McWilliams brings with him two decades of experience in leading investment management firms through rigorous audits. His expertise will be instrumental in ensuring that Tether completes a full financial audit, a crucial step in elevating industry standards and strengthening regulatory engagement.
The appointment comes as Tether faces increasing scrutiny over its refusal to conduct an independent audit of its reserves since rising to prominence in 2017. Critics have highlighted the absence of comprehensive audits, suggesting that this lack of transparency poses risks to the crypto industry.
In a statement, Paolo Ardoino, CEO at Tether, emphasized McWilliams’ suitability for the role: “Simon’s expertise in financial audits makes him the perfect CFO to lead Tether into this new era of transparency.”
The appointment is also seen as a strategic move by Tether to bolster its credibility and reassure regulators amid growing concerns over stablecoin issuers. The company has faced criticism for not conducting an independent audit, leading to concerns about the backing of its USDT stablecoin.
In other news, former CFO Giancarlo Devasini will transition into the role of Chairman, focusing on macroeconomic strategy and guiding Tether’s support for the U.S. financial system as well as advancing global digital asset adoption.
It is worth noting that the company has recently relocated to El Salvador after acquiring a Digital Asset Service Provider license, underscoring its commitment to regulatory compliance and operational restructuring.
The appointment of McWilliams and Devasini’s new role may be seen as a decisive step towards addressing long-standing criticisms.
