• Vishal Gupta, Coinbase’s head of exchange, is reportedly leaving the company to work on a new project.
• Gupta was previously the head of USD Coin for stablecoin issuer Circle.
• Coinbase has become the subject of increased regulatory scrutiny from the United States Securities and Exchange Commission (SEC).
Vishal Gupta Leaves Coinbase
Vishal Gupta, Coinbase’s head of exchange, is reportedly leaving the company. Gupta plans to exit the crypto exchange but intends to remain in the crypto space. Bloomberg reports Gupta, a Goldman Sachs veteran who was most recently Coinbase’s senior director of product management, is departing the firm to start work on a new project. According to someone familiar with the matter, the focus of Gupta’s latest effort is unclear, but he reportedly remains in the crypto space. Gupta took to Twitter to share the news of his departure.
Gupta’s Previous Role at Circle
Before joining the team at Coinbase, Vishal Gupta was the head of USD Coin for stablecoin issuer Circle.
Coinbase Draws Regulatory Scrutiny
The largest crypto exchange in the US has become the subject of increased regulatory scrutiny as watchdogs step up their crypto policing efforts. Coinbase was recently served with a Wells Notice from the United States Securities and Exchange Commission (SEC), which signals enforcement action plans against them company. Coinbase disclosed that it was served over an unspecified portion of its listed digital assets, its staking service Coinbase Earn, Coinbase Prime, and Coinbase Wallet. The crypto exchange responded to this action calling it “unfair and unreasonable.“
Coinbase Responds to SEC Action
The Coinbase team said: We continue to think rulemaking and legislation are better tools for defining law for our industry than enforcement actions. But if necessary we welcome opportunity for coinbase and broader crypto community to get clarity in court“.
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