Bitrabo Editorial
Circle Internet Financial, the fintech firm behind the highly popular stablecoin, USD Coin (USDC), recently announced that Heath Tarbert, former Chairman of the Commodity Futures Trading Commission (CFTC), will be joining the company as its new Chief Legal Officer.
Tarbert’s appointment comes at a time when Circle is experiencing significant growth and poised for more strategic expansion. With years of experience both in the public and private sectors, Tarbert is expected to play a significant role in Circle’s future across the globe.
A Look at Tarbert’s Career and Accomplishments
Before joining Circle, Tarbert filled crucial leadership roles across various regulatory agencies and the federal government. He held the position of Chief Legal Officer at Citadel Securities, and his new role as Chief Legal Officer at Circle will be a natural progression for him. Tarbert also succeeded in spearheading financial policy-making domestically and internationally during his tenure as the 14th Chairman and Chief Executive of the CFTC. Notably, he has served as vice chairman of the International Organization of Securities Commissions as well as the US Treasury’s Assistant Secretary for International Markets, and concurrently, served as the G-7/G-20 Deputy Finance Minister.
The Role of Tarbert’s Appointment in Circle’s Global Growth Strategy
Citing Tarbert’s legal prowess and extensive regulatory experience, Circle’s CEO and co-founder, Jeremy Allaire, feels the appointment is an “extraordinary step” and necessary in building a bridge between traditional finance and the decentralized financial systems of Web3. Tarbert’s experience working as the head of the bank regulatory practice of the international law firm, Allen & Overy, makes him well-equipped to help Circle continue to innovate while ensuring regulatory compliance in an increasingly regulated digital currency landscape.
Since its inception in 2013, Circle has been a leading player in the digital currency landscape. Today, Circle operates USD Coin (USDC), one of the fastest-growing and most trusted stablecoins in the world, with a market cap that has already crossed $30 billion. The hiring of Tarbert is expected to further bolster the company’s efforts to comply with high levels of regulatory compliance while expanding the benefits of digital currency worldwide.
Despite Circle surpassing $30 billion in market cap, it has since suffered a slump, reaching a market value of $28.51 billion at the time of writing. This drop in its market cap followed the company’s initial shock from the recent Silicon Valley Bank collapse.
Featured image from Politico, Chart from TradingView