Tether is working to improve its relations with regulators following the recognition of its USDT stablecoin as property in the UK.
Stablecoin issuer Tether (USDT) is strengthening its government relations to navigate the ever-changing regulatory landscape.
On Sept. 13, Tether announced the appointment of Jesse Spiro to spearhead its global engagement efforts with lawmakers, regulators, and key stakeholders.
Spiro’s role will be crucial in fostering productive dialogue and collaboration between Tether and government entities. Notably, the move comes amid increasing regulatory scrutiny of stablecoins and the crypto industry at large.
According to the statement, Spiro’s extensive background in the legislative and regulatory industry will help to advance Tether’s goal of building a “future-proof financial and technological ecosystem.”
Spiro said in the announcement,
“Tether plays a significant role in the current and future development of the digital economy and US dollar hegemony. The ever-evolving legislative and regulatory landscape will continue to require strong collaboration between the public and private sectors.”
Meanwhile, observers noted that Spiro’s hire could help improve Tether’s strained relationship with regulators. Over the years, the company has faced scrutiny over the reserves backing its USDT stablecoin.
However, Tether has made significant progress by consistently publishing quarterly attestation reports to ease these concerns.
Tether CEO Paolo Ardoino acknowledged this, stating,
“[Spiro’s] deep expertise in government relations and blockchain technology will be invaluable as we continue to navigate the complex and rapidly changing regulatory environment.”
Spiro joins Tether after serving as PayPal’s Head of Regulatory Relations for its Blockchain and Digital Currencies division. He was also the Chief Government Affairs Officer of the leading blockchain analytics firm, Chainalysis.
In other related developments, on Sept. 12, a UK judge ruled that USDT is considered property under English law.
High Court of Justice Deputy Judge Richard Farnhill ruled:
“USDT attracts property rights under English law. It is neither a chose in action nor a chose in possession, but rather a distinct form of property not premised on an underlying legal right. It can be the subject of tracing and can constitute trust property in the same way as other property.”
Notably, this ruling came a day after the UK Parliament introduced a bill to recognize digital holdings legally.
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