• Coinbase’s head of exchange, Vishal Gupta is reportedly leaving the company to start work on a new project.
• The crypto exchange has become the subject of increased regulatory scrutiny from the US Securities and Exchange Commission (SEC).
• Coinbase responded to the SEC’s action by calling their approach “unfair and unreasonable.”
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 news of his departure.
Coinbase Subject To Regulatory Scrutiny
The largest crypto exchange in the US has become subject to 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. Coinbase disclosed that it was served for an unspecified portion of its listed digital assets, its staking service Coinbase Earn, Coinbase Prime and Coinbase Wallet.
Coinbase Responds To SEC’s Action
Coinbase responded to the SEC’s action by calling their approach “unfair and unreasonable” saying that they think rulemaking and legislation are better tools for defining law for their industry than enforcement actions. However they added that if necessary they welcome an opportunity for them and broader crypto community clarity in court.
Previous Work Of Vishal Gupta
Before joining team at Coinbase, Vishal Gupta was head USD Coin for stablecoin issuer Circle where he launched $USDC with team while he was there at Circle which later became an industry standard stablecoin
Conclusion
Vishal Gupta is leaving his role at Coinbase after 2 years as Head of Exchange/Markets due to personal reasons but will remain in crypto space working on his own project while regulatory scrutiny on largest U.S Crypto Exchange -Coinbase- increases with SEC taking enforcement actions against them regarding various services offered by them .