Vishal Gupta Leaves Coinbase
• Vishal Gupta, Coinbase’s head of exchange, is reportedly leaving the company to start a new project in the crypto space.
• The largest crypto exchange in the US has become the subject of increased regulatory scrutiny from the United States Securities and Exchange Commission (SEC).
• Coinbase responded to the SEC’s action calling the regulator’s approach “unfair and unreasonable.”
Coinbase’s Head of Exchange Leaving
Vishal Gupta, Coinbase’s head of exchange, is reportedly leaving the company to pursue a new project in the crypto space. According to Bloomberg, Gupta is a Goldman Sachs veteran who was most recently Coinbase’s senior director of product management. Before joining the team at Coinbase, Vishal Gupta was also head of USD Coin for stablecoin issuer Circle. He took to Twitter to share his departure news.
Regulatory Scrutiny for Crypto Exchanges on The Rise
The largest crypto exchange in the US has become increasingly subject to regulatory scrutiny as watchdogs step up their oversight efforts. Recently, Coinbase was served with a Wells Notice from the United States Securities and Exchange Commission (SEC), which signals enforcement action plans against companies within its jurisdiction. In response, Coinbase called these actions “unfair and unreasonable” while noting that they think “rulemaking and legislation are better tools for defining law for our industry than enforcement actions“.
Opportunity For Clarity In Court
Coinbase welcomed this opportunity as an occasion for more clarity regarding their operations: „We welcome the opportunity for Coinbase and the broader crypto community to get clarity in court.“ This move signals that exchanges such as Coinbase are willing to go toe-to-toe with regulators when necessary if it means greater certainty around laws affecting cryptocurrency operations.
Disclaimer
This article is provided for informational purposes only and should not be used or intended as legal advice, tax advice or financial advice.