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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Stuart Hoegner has retired as general counsel of Tether and Bitfinex, with Michael Hilliard stepping in as his replacement. This leadership change occurs amid uncertainty regarding Tether's USDT compliance with the newly implemented MiCA regulations in Europe, as no clear guidance has been provided by regulators. Despite a recent dip in USDT's market cap, the stablecoin maintains over 65% dominance in the $210 billion market.
Tether's USDT stablecoin faces regulatory uncertainty as the EU's Markets in Crypto-Assets Regulation (MiCA) takes effect on December 30, raising compliance questions. Coinbase has delisted USDT, while other exchanges await guidance, potentially leading to a shift towards USDC or fiat currencies. Tether CEO Paolo Ardoino dismissed the surrounding FUD as a competitive tactic, emphasizing the stablecoin's significance in the crypto market.
The EU's cryptocurrency regulations, set to fully take effect on December 30, 2024, introduce varying grandfathering periods for member states, with some allowing up to 18 months. Tether's USDt stablecoin faces uncertainty regarding its compliance, as exchanges like Coinbase have delisted it, while others await regulatory clarity. The transitional phase will last until July 2026, during which existing crypto services may continue under national laws, potentially leading to inconsistent consumer protections across the EU.
Juan Ibáñez
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02:59 03.01.2025
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