CFO – Earlybirds Invest https://earlybirdsinvest.com Latest Crypto News Wed, 05 Mar 2025 18:52:12 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.7 https://i0.wp.com/earlybirdsinvest.com/wp-content/uploads/2024/12/cropped-New-Project-2024-12-17T235703.455.png?fit=32%2C32&ssl=1 CFO – Earlybirds Invest https://earlybirdsinvest.com 32 32 240146708 Tether Takes ‘Historic’ Step Towards Transparency With Full Audit and New CFO Appointee https://earlybirdsinvest.com/tether-takes-historic-step-towards-transparency-with-full-audit-and-new-cfo-appointee/ https://earlybirdsinvest.com/tether-takes-historic-step-towards-transparency-with-full-audit-and-new-cfo-appointee/#respond Wed, 05 Mar 2025 18:52:12 +0000 https://earlybirdsinvest.com/tether-takes-historic-step-towards-transparency-with-full-audit-and-new-cfo-appointee/

The stablecoin issuer Tether has hired a new chief financial officer (CFO) and committed to completing a full audit.

The veteran finance executive Simon McWilliams will now serve as CFO for Tether, which issues the dollar-pegged USDT, the top stablecoin by market cap.

McWilliams will lead the stablecoin issuer toward a full audit and “spearhead Tether’s further commitment to transparency and regulatory readiness,” according to a press release from the firm.

Tether didn’t provide a timeline for the audit. The firm already releases quarterly attestation reports with the accounting giant BDO, but it says a full audit will “ensure greater financial integrity and verification of reserves.”

The stablecoin issuer has dealt with regulatory issues recently, including failing to gain compliance with the European Union’s new Markets in Crypto Assets (MiCA) regulations, which has led to crypto exchanges delisting USDT in Europe.

MiCA establishes rules covering the supervision, consumer protection and environmental safeguards of crypto assets.

The regulatory framework includes measures that aim to reduce financial crimes, including market manipulation, money laundering and terrorist financing. It also places stablecoin issuers under the European Banking Authority and requires them to hold sufficient liquid reserves.

McWilliams replaces former CFO Giancarlo Devasini, who will now serve as Tether’s “Chairman of the Group.”

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]]> https://earlybirdsinvest.com/tether-takes-historic-step-towards-transparency-with-full-audit-and-new-cfo-appointee/feed/ 0 23440 Tether Names Simon McWilliams as CFO Amid Push for Full Audit https://earlybirdsinvest.com/tether-names-simon-mcwilliams-as-cfo-amid-push-for-full-audit/ https://earlybirdsinvest.com/tether-names-simon-mcwilliams-as-cfo-amid-push-for-full-audit/#respond Mon, 03 Mar 2025 15:07:56 +0000 https://earlybirdsinvest.com/tether-names-simon-mcwilliams-as-cfo-amid-push-for-full-audit/

Tether has appointed Simon McWilliams as its new Chief Financial Officer (CFO) as the leading stablecoin issuer moves toward the completion of a full financial audit.

McWilliams, a finance executive with over 20 years of experience, is set to lead Tether’s transparency and regulatory engagement efforts.

The appointment, according to the company’s announcement, represents a “firm commitment to completing a full audit, a crucial step in raising industry standards and strengthening regulatory engagement.”

Tether currently publishes quarterly attestations of its reserves verified by accounting firm BDO, but it hasn’t yet undergone a full independent audit. The company has for years faced criticism surrounding its reserves, with various critics suggesting the firm didn’t have enough reserves to fully back the USDT in circulation.

Back in 2021, the New York Attorney General’s office settled with Bitfinex over a 22-month inquiry into whether the exchange covered up a loss of $850 million in customer and corporate funds. That inquiry found that “Tether’s claims that its virtual currency was fulled backed by U.S. dollars at all times was a lie.”

A full audit could provide more detailed insight into Tether’s reserves. Three and a half years ago, the firm’s General Counsel Stuart Hoegner said in an interview that an audit was just “months, not years” away.

The stablecoin giant holds over $113 billion in U.S. Treasury bills, making it one of the largest holders of U.S. government debt, and reported a $13 billion profit for 2024. The company said these holdings contribute to global liquidity and support access to the U.S. dollar, particularly in emerging markets.

“Tether is once in a century company. And we’re laser focused on transparency, doubling down our efforts for a full audit,” Tether’s CEO Paolo Ardoino said on social media. “Simon’s hire is massive, truly a force of nature in the financial world.”

As part of the leadership shift, Giancarlo Devasini, Tether’s longtime CFO, will transition to Chairman of the Group.

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