• Vishal Gupta, Coinbase’s head of exchange, is leaving the crypto exchange to start a new project.
• 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).
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. Before joining the team at Coinbase, Vishal Gupta was the head of USD Coin for stablecoin issuer Circle.
Coinbase Responds to 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), which signals enforcement action plans against the company. Coinbase responded to the SEC’s action calling the regulator’s approach “unfair and unreasonable.”
Wells Notice Served To Coinbase
Coinbase disclosed that it was served with a „Wells notice“ over an unspecified portion of its listed digital assets, its staking service Coinbase Earn, Coinbase Prime, and Coinbase Wallet. The crypto exchange responded to this by saying that rulemaking and legislation are better tools for defining law for their industry than enforcement actions but if necessary they welcome an opportunity for clarity in court.
Gupta’s Accomplishments at Coinbase
Gupta took to Twitter to share news about his departure from Coinbase where he had been employed for 2 and a half years as Head of Exchange/Markets. He shared that he is proud of his accomplishments there including launching $USDC with Circle which has become an industry standard now.
Conclusion
In conclusion, Vishal Gupta is departing from cryptocurrency giantCoinbase after two and a half years on board while regulation around cryptocurrencies continues to tighten due to increased attention from authorities like SEC