Tether eyes enhanced government relations after UK deems USDT a distinct property

Tether is working to improve its relations with regulators following the recognition of its USDT stablecoin as property in the UK.

On Sept. 13, Tether announced that it hired Jesse Spiro to spearhead its global engagement efforts with lawmakers, regulators, and key stakeholders.

According to the statement, Spiro’s extensive background in the legislative and regulatory industry would help to advance Tether’s goal of building a “future-proof financial and technological ecosystem.”

Meanwhile, observers noted that Spiro’s hire could help improve Tether’s strained relationship with regulators. Over the years, the company has faced regulatory scrutiny over the reserves backing its USDT stablecoin.

Spiro previously served as PayPal’s Head of Regulatory Relations for its Blockchain and Digital Currencies division and was Chief Government Affairs Officer of the leading blockchain analytics firm, Chainalysis.

On Sept. 12, a UK judge ruled that USDT is considered property under English law.

Notably, this ruling came a day after the UK Parliament introduced a bill to recognize digital holdings legally.