Cryptocurrency company Circle hires ex-CFTC chief Tarbert as chief legal officer

NEW YORK: Cryptocurrency operator Circle Internet Financial announced Thursday that it has hired Heath Tarbert, the former chairman of the Commodity Futures Trading Commission, as Chief Legal Officer and Managing Officer, effective July 1.

Circle’s hiring of Tarbert, who served as head of the CFTC from July 2019 to January 2021, came as crypto firms face increasing U.S. regulatory scrutiny and whether the CFTC or the Securities and Exchange Commission are major players in the industry. This was done in the face of uncertainty about what the US regulator would be like.

Mr. Tarbert, a former general counsel and senior Treasury official, most recently worked for e-trading firm Citadel Securities.

Boston-based Circle, the issuer of stablecoin USDC, decided in December to close a $9 billion deal to merge with blank check firm Concord Acquisition Corporation.

Circle CEO Jeremy Allaire said in a statement: “As we continue to build bridges between traditional finance and Web3, Heath’s perspective, legal acumen and global regulatory experience will benefit the world. It will help increase the utility value of USDC in the future.”