Tether's general counsel retires amid MiCA stablecoin regulations coming into effect

Tether and Bitfinex General Counsel Stuart Hoegner has retired, leaving Michael Hilliard in charge of legal affairs for the stablecoin issuer and exchange amid MiCA's stricter regulation coming into effect at the end of last year, the two companies announced on Thursday.

Hoegner and Hilliard had co-led the two companies' legal efforts for several years, according to a statement. 

The changing leadership dynamics come on the heels of the European Union’s Markets in Crypto-Assets ( MiCA ) regulation MiCA taking full effect on Dec. 30. MiCA established a stricter regulatory environment for stablecoin issuers within the EU, including reserve and liquidity mandates. Up until now, Hoegner has played a key role in "navigating Tether and Bitfinex through complex regulatory environments," the two companies said Thursday.

Hoegner started with Bitfinex in 2014, according to his LinkedIn.

"Stu’s contributions to both Tether and Bitfinex have been immeasurable, and we are deeply grateful for his years of dedicated service," Tether CEO Paolo Ardoino said in the statement. "As we turn the page, we are confident that Michael’s leadership will continue to strengthen our legal operations and help guide Tether and Bitfinex through the next chapter of growth and innovation."

Ardoino also serves as CTO of Bitfinex.