• Vishal Gupta, Coinbase’s head of exchange, is leaving the company to focus on a new project in the crypto space.
• Coinbase has become subject to increased regulatory scrutiny from US watchdogs.
• The company was served a Wells Notice by the SEC over unspecified digital assets and services.
Vishal Gupta Leaves Coinbase
Vishal Gupta, Coinbase’s head of exchange, is reportedly leaving the company to focus on a new project in the crypto space. Before joining Coinbase, Gupta was the head of USD Coin for stablecoin issuer Circle. He took to Twitter to announce his departure from Coinbase after two and half years there.
Coinbase Under Regulatory Scrutiny
The largest crypto exchange in the US has become subject to increased regulatory scrutiny as watchdogs step up their crypto policing efforts. Recently, Coinbase was served with a Wells Notice from the United States Securities and Exchange Commission (SEC), which signals enforcement action plans against the company.
Coinbase responded to the SEC’s action calling it “unfair and unreasonable” and indicated that they believe rulemaking and legislation are better tools for defining laws for their industry than enforcement actions. However, they welcomed an opportunity for clarity should it go to court.
It remains unclear what project Vishal Gupta is working on next but he intends to remain in the crypto space despite his departure from Coinbase. Meanwhile, regulators continue their efforts towards regulating cryptocurrency exchanges with attention focused specifically on Coinbase at this time due to a recent Wells Notice issued by The United States Securities and Exchange Commission (SEC).
Despite increased regulatory scrutiny from US watchdogs, cryptocurrency exchanges remain committed towards creating clear rules for operating within them while remaining compliant with regulations set forth by governing bodies such as The United States Securities and Exchange Commission (SEC).