Coinbase exec steps down

Coinbase VP of capital markets Brett Redfearn has stepped down from his position, amid a change of strategic direction at the firm.

Formerly a US Securities and Exchange Commission (SEC) official, Redfearn’s departure comes shortly after news that Binance.US CEO Brian Brooks, also a top US banking regulator, had stepped down from his role.

According to Coinbase, Redfearn is leaving as the business plans to shift its priorities away from digital-asset securities. Instead, it will be looking more heavily into decentralized finance, or DeFi.

Redfearn’s decision to leave may indicate that crypto exchanges are still finding it difficult to navigate regulation in the US when it comes to securities.

Regulators have targeted Binance and its subsidiaries in several states already, arguing that the exchange has been selling securities without authorization.

Binance has denied the allegations. Coinbase is one of the few exchanges not to have come under regulatory fire, making a successful NASDAQ debut, and becoming the first publicly listed crypto exchange.

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Updated: 08/10/2021 — 15:00