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Former SEC Director Has Left Coinbase After 4 Months

Former SEC Director Has Left Coinbase After 4 Months
  • Coinbase vice president Brett Redfearn has resigned after four months.
  • Redfearn was a former director at the US SEC.
  • Also, the former SEC director decided to shift his focus away from digital assets.

August 9, 2021 — Coinbase vice president Brett Redfearn has resigned after four months in the position. Redfearn was previously a director of the U.S. Securities Exchange Commission (SEC).

It can be recalled that on March 30, Coinbase happily announced that Redfearn will be part of the company. This was the week before Coinbase was listed on Nasdaq.

Of note, Coinbase is the largest crypto exchange in the United States. The company has played a huge role in making cryptocurrencies popular with over its 56 million users.

According to the Wall Street Journal, Redfearn decided to shift his focus away from digital assets. These digital asset securities are crypto tokens that fall within the legal definition of securities under U.S. law, like traditional stocks and bonds.

Additionally, the former Coinbase vice president could be trying to stay away from other crypto tokens like Bitcoin since it is classified as a commodity by the SEC.

Redfearn was working as the head of Coinbase’s capital markets group. In fact, he was among the company’s most prominent hires this year. He resigned from the company at the end of July 2021.

On another note, other executives from financial institutions of global currency exchanges are also resigning one after another. One example is Brian Brooks, the former chairman of the U.S. Monetary Commission (OCC). He also stepped down after 4 months as CEO of Binance US.

Britney is a market analyst who covers stories about the cryptocurrency world. She holds a Business Administration Degree in Finance and aims to let the readers understand crypto from a beginner perspective.