Stablecoin issuer Tether appointed Jesse Spiro as its Head of Government Affairs after his three-year tenure at PayPal.
Spiro's Appointment
Tether announced that Spiro would be responsible for “leading policy and engagement efforts with lawmakers, regulators, and key stakeholders” in his new role. Spiro previously led PayPal’s regulatory relations for blockchain and crypto from 2021 to 2024 and has over two years of experience in roles related to policy and government affairs at Chainalysis. According to Tether CEO Paolo Ardoino, Spiro’s appointment is part of Tether’s "commitment to responsible innovation" in the crypto space.
Previous Involvements and Criticisms
Tether assisted the United States Justice Department in seizing funds stolen by bad actors in pig butchering and romance scams. Meanwhile, Ripple CEO Brad Garlinghouse speculated that US officials might plan on targeting Tether with a potential enforcement action. In 2021, Tether paid a $41 million fine to the US Commodity Futures Trading Commission after the regulator accused it of misrepresenting its USDT reserve holdings. The stablecoin issuer has faced criticism for lack of transparency regarding its reserves, leading to watchdog groups sending warning letters to US state officials.
Legislative Initiatives in the US
The announcement came as US lawmakers were considering legislation to regulate dollar-pegged stablecoins. The bipartisan Lummis-Gillibrand Stablecoin Payment Act, introduced in April, could provide a regulatory framework for stablecoins if enacted.
Jesse Spiro’s appointment as Tether’s Head of Government Affairs highlights the company’s efforts to strengthen its engagement with regulators and strategic partners.
Comments