Circle Welcomes Craig Broderick, Former Goldman Sachs Risk Executive, to Its Board of Directors
Circle, the issuer of USDC, a leading stablecoin, has made a significant addition to its board of directors. Craig Broderick, a seasoned risk management executive with an impressive background at Goldman Sachs, has joined Circle to oversee risk management and regulatory compliance. This strategic appointment comes at a crucial time for Circle as it aims to maintain USDC's 1:1 peg to the US dollar and solidify its position as the safest and most trusted digital dollar in the evolving digital currency landscape.
Craig Broderick's Extensive Risk Management Expertise With over three decades of experience advising Wall Street firms on risk management, Craig Broderick brings invaluable expertise to Circle. During his tenure at Goldman Sachs, he oversaw multiple areas of risk, including credit, market, liquidity, operational, model, counterparty, and insurance risks. Broderick's vast knowledge and track record in managing risk will be instrumental in guiding Circle's risk management efforts.
Circle's Commitment to Regulatory-First Approach Circle's CEO, Jeremy Allaire, emphasized the significance of strong risk management in achieving Circle's vision of making USDC the safest and most transparent digital dollar. Allaire believes that Craig Broderick's deep understanding of risk management, gained from his time at one of the world's largest financial institutions, will be a valuable asset in advancing Circle's regulatory-first business approach.
In a press statement, Craig Broderick expressed his excitement about the rapid evolution of the digital currency landscape and the crucial role it will play in the global financial landscape. He acknowledged Circle's exceptional position to lead developments in this field and his enthusiasm to contribute to realizing Circle's potential.
Craig Broderick's appointment comes at a time when the digital currency industry is facing regulatory scrutiny, with high-profile lawsuits against industry giants Binance and Coinbase by the United States Securities and Exchange Commission (SEC). Although Circle is not directly impacted by these lawsuits, it faced challenges earlier this year when its stablecoin's cash reserves, held at Silicon Valley Bank, failed a liquidity stress test. Broderick's expertise will play a vital role in mitigating future risks and ensuring Circle's commitment to maintaining a robust and secure stablecoin ecosystem.
With the addition of Craig Broderick, Circle's board boasts a wealth of risk management and regulatory expertise. Broderick joins Heath Tarbert, the former president of the Commodity Futures Trading Commission (CFTC), who was previously hired by Circle as legal director. This diverse and experienced board underscores Circle's commitment to maintaining a regulatory-first approach and fostering trust and transparency in the web3 ecosystem.
Craig Broderick's appointment to Circle's board of directors brings a new level of risk management prowess to the organization. His extensive experience at Goldman Sachs and his deep understanding of risk management principles will be instrumental in ensuring the stability and regulatory compliance of USDC. As Circle continues to pioneer developments in the digital currency landscape, Broderick's expertise will play a pivotal role in advancing the company's mission.
Source: [Press Release] Circle Appoints Financial Risk Management Leader Craig Broderick to Board of Directors. (June 29, 2023). Retrieved from - Circle.com
