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Tether is navigating a 6-18 month transition to comply with the EU's MiCA regulations, which enforce strict reserve and liquidity requirements for stablecoin issuers. Following the retirement of General Counsel Stuart Hoegner, Michael Hilliard now leads the effort amid delistings of USDT by exchanges like Coinbase, as the company seeks the necessary e-money license. The regulatory landscape poses challenges for Tether's reputation and operational stability in a volatile market.
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.
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