Former CFTC Chairman Heath Tarbert Joins Circle, "Please Regulate Us!" Turns Out They Had Already Planned Ahead

The US stablecoin issuer Circle announced yesterday that former Commodity Futures Trading Commission (CFTC) Chairman Heath Tarbert will join Circle as Chief Legal Officer and Head of Corporate Affairs. Circle is currently at a critical juncture, jointly overseeing nearly $30 billion worth of USDC stablecoin with exchange Coinbase. Facing an increasingly unfriendly regulatory environment in the United States, Heath Tarbert will provide Circle with expertise and connections in Washington D.C. to navigate regulatory challenges.

Heath Tarbert's Track Record

Tarbert has held leadership positions in federal government agencies and major regulatory bodies, including:

• Chairman and Chief Executive Officer of the U.S. Commodity Futures Trading Commission (CFTC) and Vice Chairman of the International Organization of Securities Commissions (IOSCO).
• Assistant Secretary for International Markets at the U.S. Department of the Treasury, also serving as Deputy Under Secretary of the G7/G20 Group, a member of the Financial Stability Board, and the U.S. Executive Director of the World Bank Group.
• Earlier in his career, he served as law clerk at the Supreme Court, Assistant White House Counsel, and Special Counsel to the Senate Banking, Housing, and Urban Affairs Committee.

Prior to joining Circle, Tarbert was General Counsel at the prominent securities firm Citadel.

Bullish on the Future of Stablecoins, Confident in the Passage of Stablecoin Legislation

In an interview with Fortune magazine, Tarbert expressed his longstanding interest in digital assets and mentioned that he chose Circle because of its cautious reputation, with USDC being one of the most popular regulated stablecoins. He predicts a future where traditional financial systems and blockchain technology converge, with stablecoins playing a key role in the payment ecosystem.

However, the challenge facing Circle and Tarbert lies in advancing the regulatory framework for stablecoins. Congress has recently faced difficulties in advancing crypto legislation, particularly due to the FTX scandal. Tarbert remains confident, believing that Congress will still pass crypto legislation specifically targeting stablecoins.

Compared to broader proposals, a focused stablecoin bill is shorter and garners more support from legislators. Tarbert emphasizes national security concerns, stating that the U.S. needs an innovative government-supported stablecoin model that is not China-centric, ensuring the global status of the U.S. dollar.

Jeremy Allaire: "Please Regulate Us!" - Already Positioned with Heath Tarbert

Circle's CEO Jeremy Allaire recently called out "Please Regulate Us!" urging the U.S. to regulate Circle similar to banks. With Heath Tarbert now on board, their confidence is evident. Allaire stated:

Tarbert's perspectives, legal acumen, and global regulatory experience will help drive the global utility of USDC and establish crucial bridges between traditional finance and Web3.