Former SEC official leaves Coinbase four months after appointment

Former SEC official leaves Coinbase four months after appointment

Former SEC trading director Brett Redfern stepped down as vice president of cryptocurrency exchange Coinbase at the end of July, four months after his appointment. The Block writes this, citing a company spokesperson.

"We appreciate his contribution and wish him all the best in his future endeavours," a Coinbase spokesperson said.

Redfern's departure was first reported by The Wall Street Journal. A knowledgeable source told the paper that the specialist left the company after Coinbase decided to change strategy, namely "to shift priorities towards digital assets with securities [digital-asset securities] properties."

Speaking to The Block, a Coinbase spokesperson said that the bitcoin exchange is instead prioritising decentralised finance (DeFi). The company had previously added support for dapps on the Polygon blockchain to its digital wallet and bought startup Zabo, which offers customers an API to connect to blockchain protocols, including in the DeFi segment.

An interlocutor familiar with the situation also told CoinDesk that the bitcoin exchange is targeting the DeFi sector. At the same time, the company has allegedly "de-prioritised" the digital securities sector.

In 2018, Coinbase acquired California-based broker-dealer Keystone Capital to offer customers blockchain assets with securities properties. The company never launched any product or service in this area.

As a reminder, Coinbase announced the hiring of Redfern in late March - a couple of weeks before a direct listing on the Nasdaq stock exchange.

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