Former SEC executive suddenly quits his job at Coinbase

Former SEC Director Brett Redfearn Has Just Left Coinbase

Clearly, the hour is not good for the former American regulators who left to practice in the cryptocurrency sector. After Brian Brooks stepped down as CEO of Binance.US, it was Brett Redfearn’s turn to step down just months after joining Coinbase. This concordance between these two departures is however pure coincidence because there is, a priori, no link between the two.

Brett Redfearn was appointed on March 30 as vice president of capital markets for the exchange platform. Previously, Redfearn had worked for three years with the Securities and Exchange Commission (SEC), the US financial policeman. He was notably head of the Stock Exchange and Markets division.

Before joining the SEC, he worked as a trader at JPMorgan and then at Bear Stearns. In total, Redfearn has a solid experience of 25 years in the financial sector.

Last March, his arrival coincided with Coinbase’s IPO. Brett Redfearn had been recruited with a long-term vision and strategy goal for the exchange platform.

The main goal then was to help establish the ambitious project of a global standard for the crypto-asset market. Redfearn was interviewed to discuss his new role, still available on The Coinbase Blog for the curious.

Departure of a former SEC: a new strategy at Coinbase?

Details of Brett Redfearn’s departure have not been communicated by the parties concerned. Internal sources at Coinbase nevertheless speak of an amicable departure therefore negotiated between the exchange platform and its now former employee. Could it be due to an internal conflict? A priori no. These same sources rather evoke a reason that could define the future of the exchange platform.

Coinbase is indeed in the process of redefining its priorities. While digital asset stocks had previously had the primacy, hence the hiring of Redfearn, this may not be the case in the future. An American media reports that Coinbase aims to meet the growing demand of its customers for decentralized finance services (DeFi).

In other words, Coinbase could get into DeFi. This change in strategy would involve deprioritizing the digital asset sector and a person like Brett Redfearn would no longer be needed.

In addition to growing customer demand, Coinbase may also have been scalded by Binance’s recent woes in several countries including the United States. But all this is guesswork and it is currently not possible to confirm or deny this change in strategy on the exchange platform, which remains silent to this day.

Still, the departure of a person who is very familiar with the traditional financial markets just a few months after his arrival could go in the direction of opening Coinbase to DeFi. Case to follow.

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About the author: Benjamin Allouch

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Lawyer specializing in digital law and personal data. He quickly became interested in bitcoin and blockchain technology, and founded the blog bitcoin-blockchain.fr. He is interested in the emergence of blockchain law and the legal consequences of this technology.
All articles by Benjamin Allouch.

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