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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.
I’m leaving a lot behind at Coinbase. I’m particularly fond of the experience of launching $USDC with this team while I was at @Circle It was a privilege to help launch and grow the stablecoin that has become an industry standard.
Before joining the team at Coinbase, Vishal Gupta was the head of USD Coin for stablecoin issuer Circle.
Coinbase The Subject of 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 the company.
Coinbase disclosed that it was served the “Wells notice” over an unspecified portion of its listed digital assets, its staking service Coinbase Earn, Coinbase Prime, and Coinbase Wallet.
The crypto exchange responded to the SEC’s action calling the regulator’s approach “unfair and unreasonable.” The Coinbase team said:
We continue to think rulemaking and legislation are better tools for defining the law for our industry than enforcement actions. But if necessary, we welcome the opportunity for Coinbase and the broader crypto community to get clarity in court.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.