Tether Welcomes PayPal Head to Its Team

Stablecoin issuer Tether has announced the appointment of Jesse Spiro as its new head of government affairs after his three-year tenure at PayPal.

In a notice dated September 13, Tether stated that Spiro would be responsible for "leading policy and engagement efforts with lawmakers, regulators, and key stakeholders" in his new role.

Spiro previously served as the head of regulatory relations for PayPal's blockchain and crypto business from 2021 to 2024 and held various roles related to policy and government affairs at Chainalysis for more than two years.

Tether CEO Paolo Ardoino described Spiro's appointment as part of Tether’s “commitment to responsible innovation” in the crypto industry.

Spiro expressed his intention to collaborate with industry leaders and lawmakers to support the ecosystem's growth.

Tether has assisted the United States Justice Department in seizing funds stolen by bad actors in pig butchering and romance scams.

However, Ripple CEO Brad Garlinghouse has suggested that U.S. government officials may plan to "go after" the stablecoin issuer, speculating that the firm could be the target of an enforcement action.

In 2021, Tether paid a $41 million fine to the U.S. Commodity Futures Trading Commission after the regulator accused it of misrepresenting its reserve holdings of USDT.

The company has faced criticism for a lack of transparency regarding its reserves, with a watchdog group sending warning letters to U.S. state officials over Tether's opacity.

This hiring announcement comes as U.S. lawmakers are considering legislation to regulate dollar-pegged stablecoins.

The bipartisan Lummis-Gillibrand Payment Stablecoin Act, introduced in April, could establish a regulatory framework for stablecoins if enacted into law.

Sources:

https://cointelegraph.com/news/tether-government-affairs-head-paypal

https://tether.io/news/industry-leader-jesse-spiro-joins-tether-as-head-of-government-affairs/