• Vishal Gupta, Coinbase’s head of exchange, is reportedly leaving the company to work on a new project in the crypto space.
• Gupta was previously the head of USD Coin for stablecoin issuer Circle and was Coinbase’s senior director of product management.
• Coinbase has become the subject of increased regulatory scrutiny as watchdogs step up their crypto policing efforts and recently received a Wells Notice from the SEC.
Vishal Gupta Leaving Coinbase
Vishal Gupta, Coinbase’s head of exchange, is reportedly leaving the company to start work on a new project 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 focus on his new venture. Before joining Coinbase, Gupta served as head of USD Coin for stablecoin issuer Circle. He took to Twitter to share news of his departure.
Increased Regulatory Scrutiny
Coinbase has become the subject of increased regulatory scrutiny as watchdogs step up their crypto policing efforts. The US Securities and Exchange Commission (SEC) recently served Coinbase with a Wells Notice which signals potential enforcement action against the company. This notice covers aspects related to its listed digital assets, staking service Coinbase Earn, Prime and Wallet services.
Coinbase’s Response
In response to this action by SEC, Coinbase called it “unfair and unreasonable” while stating that they would welcome an opportunity for clarity in court if necessary. The team added that rulemaking or legislation are better tools than enforcement actions when defining laws in this industry.
Conclusion
Vishal Gupta’s departure from one of America’s largest cryptocurrency exchanges marks an interesting moment with government regulators looking into their activities more closely than ever before. It remains unclear what direction Gupta’s new venture will take him but he plans to remain active within this space nonetheless.
Disclaimer
This article is provided for informational purposes only and should not be used as legal advice nor investment advice .