Circle USDC-Issuer Taps Ex-Regulator as Chief Legal Officer in Regulatory Push

Circle Regulation USDC

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Fredrik Vold

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October 23, 2023

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Circle, the US-based company behind the stablecoin USDC, has tapped former Commodity Futures Trading Commission (CFTC) chair Heath Tarbert as its new Chief Legal Officer as it pushes for more regulatory clarity in the US.

In a press release, Circle said Heath Tarbert will help Circle build a bridge between traditional finance (TradFi) and Web3, and that his regulatory experience will push forward the adoption of USDC across the globe.

“The opportunity to welcome Heath’s expertise and leadership to our executive team is an extraordinary step in Circle’s growth as a global company,” Circle CEO Jeremy Allaire said.

Tarbert, who will officially join Circle in July, is coming from his role as chief legal officer for the TradFi market-making giant Citadel Securities.

According to his LinkedIn profile, he has also previously worked in various branches of the US government, including the CFTC, the Treasury Department, Justice Department, Supreme Court, Senate Banking Committee, and the White House.

Tarbert’s experience was highlighted in Circle’s press release, which said he “brings decades of experience from all three branches of U.S. government, international leadership posts, and private sector firms to Circle.”

Circle CEO on cover of Forbes

The announcement from Circle that Tarbert is joining the firm came as Jeremy Allaire appeared on the front page of Forbes Magazine, making the case for more and better regulation of the crypto sector.

As crypto exchanges face SEC lawsuits, the company behind the $30 billion USD Coin believes that if regulation finally comes to crypto and stablecoins, its by-the-book approach will put it on top. It also could unleash a storm of formidable competition. https://t.co/0KSaGkV5EY pic.twitter.com/UBEITo2NSt

— Forbes (@Forbes) June 8, 2023

Allaire argued in the piece that a new and comprehensive bill on stablecoins will not even be a threat to existing, who will instead join in and become part of the new digital economy.

“With a bill like this, we’ll end up doing more business with banks than we currently do,” Allaire told Forbes, while adding:

“The banks can’t get involved in this because they’re not authorized, there’s no clear path, and they can’t hold stablecoins on their balance sheets because there’s no way for them to do that under the current rules. So this will actually increase bank adoption of USDC.”