Tether and Bitfinex announced on Thursday that as the stricter regulations of MiCA came into effect at the end of last year, Bitfinex's General Counsel Stuart Hoegner has retired, with Michael Hilliard taking over the legal affairs of the stablecoin issuer and exchange. According to a statement, Hoegner and Hilliard have jointly led the legal work for both companies for several years.
The leadership dynamics of the two companies changed after the EU's Markets in Crypto-Assets (MiCA) regulation took full effect on December 30. MiCA establishes a stricter regulatory environment for stablecoin issuers within the EU, including reserve and liquidity requirements. The two companies stated on Thursday that, so far, Hoegner has played a key role in 'guiding Tether and Bitfinex through the complex regulatory environment.' According to Hoegner's LinkedIn information, he joined Bitfinex in 2014.