Stuart Hoegner has stepped down as general counsel for Tether and Bitfinex, effective Thursday.

Michael Hilliard will replace him in leading the legal teams for both companies.

This leadership change follows the implementation of the European Union’s Markets in Crypto-Assets (MiCA) regulation, which took effect on Monday. MiCA introduces stricter rules for stablecoin issuers, including requirements related to reserves and liquidity.

Hoegner joined Bitfinex in 2014 and co-led the legal efforts for both companies.

Hilliard will oversee legal operations during a time of increased regulatory scrutiny, with the companies confident in his ability to manage this transition.

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