William Iwaschuk is joining the US-based cryptocurrency miner, Cipher Mining as its top in-house lawyer.<\/p>\n
Announced today, Iwaschuk has been appointed to the role of Cipher\u2019s chief legal officer, where he leverages his experience with regulators, trading platforms and broker-dealers to lead Cipher Mining\u2019s legal operations. He will be tasked with building what the company calls compliant internal and external operations that can keep up with the evolving regulatory landscape.<\/p>\n
Iwaschuk joins Cipher Mining from proprietary trading firm Tower Research Capital, where he spent more than 7 years supervising a global team of legal and compliance professionals.<\/p>\n
During his tenure at Tower, he managed the firm\u2019s legal, regulatory and compliance matters, including its $67.4 million-settlement with the CFTC. At the time, the Department of Justice (DOJ) said that three former traders at Tower spoofed thousands of commodities orders between 2012 and 2013.<\/p>\n
Announcing the appointment, Cipher Mining CEO Tyler Page said: \u201cWill\u2019s proven expertise and understanding of new products and an evolving financial services industry across asset classes make him an ideal match for our growing company. His long history of success shows he is someone who can transform complex ideas into business realities, and we look forward to having his help in building and scaling our business.\u201d<\/p>\n
Mr. Iwaschuk added, \u201cI am excited to become a part of Cipher Mining\u2019s leadership and to help the Company realize its objective of becoming the U.S.-based Bitcoin mining champion. This is a talented team, and I look forward to helping ensure we are well-positioned to provide the vital infrastructure required for the Bitcoin network to flourish.\u201d<\/p>\n
Cipher Mining Technologies agreed earlier this month to go public through a merger with blank-check firm, Good Works Acquisition Corp., giving the cryptocurrency miner an enterprise value of $2.0 billion.<\/p>\n
Cipher will be listed on Nasdaq following the deal, which allows the firm to float its stocks via a backdoor listing and avoid the regulatory complexities of a formal IPO process.<\/p>\n
Cipher is a subsidiary of blockchain infrastructure provider,\u00a0BitFury Group. It will now operate as a stand-alone company, positioned as the US-centric bitcoin mining arm that plans to reach a cumulative capacity of 745MW by the end of 2025.<\/p>\n