Coinbase’s Head of Exchange Vishal Gupta Exits to Pursue New Crypto Project
- Vishal Gupta Leaves Coinbase: Vishal Gupta, Coinbase’s head of exchange, is reportedly leaving the company to begin work on a new project in the crypto space.
- Coinbase 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).
- Coinbase Responds to SEC Action: Coinbase responded to the SEC’s action calling the regulator’s approach „unfair and unreasonable,“ saying that rulemaking and legislation are better tools for defining the law for their industry than enforcement actions.
Vishal Gupta Leaves Coinbase
Coinbase’s head of exchange, Vishal Gupta, 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. Before joining team at Coinbase, Vishal was head of USD Coin for stablecoin issuer Circle.
Coinbase Regulatory Scrutiny
The largest crypto exchange in US has become subject of increased regulatory scrutiny as watchdogs step up their crypto policing efforts. Coinbase was recently served with Wells Notice from US Securities and Exchange Commission (SEC), which signals enforcement action plans against company. Notice was served over unspecified portion of listed digital assets, its staking service Coinbase Earn, Prime & Wallet.
Coinbase Response To SEC Action
Coinbase responded to SEC’s action calling regulator’s approach “unfair and unreasonable”; they stated that rulemaking & legislation are better tools for defining law for their industry than enforcement actions & welcomed opportunity for them & broader crypto community to get clarity in court.