Circle Hires Former CFTC Head as Chief Legal Officer

• Circle believes the addition of Tarbert to its legal team will increase the value of the USDC stablecoin.
• Tarbert has served in different government organizations, including the Commodity Futures Trading Commission (CFTC) and the U.S. Treasury.
• Tarbert will replace Flavia Naves, Circle’s general counsel, who has already expressed her intention to leave the company.

Heath Tarbert, the former chair of the Commodity Futures Trading Commission (CFTC), has been appointed as the chief legal officer and head of corporate affairs for stablecoin issuer Circle. Tarbert, an attorney with a background in all tiers of government, will resume the role on July 1.

Aside from serving in the CFTC, Tarbert has worked in organizations such as the International Organization of Securities Commissions, the U.S. Treasury, the Financial Stability Board, and the World Bank Group. Additionally, he worked as special counsel for the Banking, Housing, and Urban Affairs Committee of the US Senate.

Tarbert no doubt joins Circle with a wealth of experience. His addition comes at a time when the stablecoin issuer faces increased scrutiny from US regulators. Tarbert will succeed Flavia Naves, Circle’s general counsel, who earlier this year is said to have expressed her intention to leave the organization.

Circle CEO Jeremy Allaire described Tarbert’s arrival as an “extraordinary step in Circle’s growth as a global company.”

Allaire said in a statement,

As we continue building a bridge between traditional finance and Web3, Heath’s perspective, legal acumen, and global regulatory experience will help us advance the utility value of USDC worldwide.

Reacting to his appointment, Tarbert said,

I’ve long been intrigued by bothJeremy Allaire’svision of moving money safely at internet speed and Circle’s tangible accomplishments as a respected, trusted global leader in payments with a regulatory-first approach. I’m thrilled by the opportunity to help Circle’s efforts to evolve the global financial and encourage policymakers to establish sound rules for digital assets that provide clarity, coherence and protection for people and businesses.

Tarbert’s experience with different government organizations will come in handy as Circle hopes to survive the ongoing attacks on crypto companies. Interestingly, Allaire believes the increased scrutiny of crypto firms by US authorities is mainly responsible for the decline of the market capitalization of the USDC stablecoin, which is Circle’s core product