- In March Coinbase received a Wells notice from the U.S. SEC.
- Gupta was a VP at Goldman Sachs and the head of USDC at Circle earlier.
Coinbase’s head of exchange, Vishal Gupta, is allegedly departing the company after more than two years. Coinbase is the largest cryptocurrency exchange in the United States. Bloomberg reported on April 10 that Gupta had decided to leave Coinbase but would continue in the cryptocurrency industry, leading some to speculate that he would soon launch a new venture dealing with digital assets or blockchain technology.
Gupta was a vice president at Goldman Sachs and the head of USDC at stablecoin issuer Circle before joining Coinbase. The exchange head reportedly left Coinbase because of the company’s increasing legal and regulatory scrutiny.
Increased Regulatory Crackdown
The cryptocurrency exchange said in March that it had received a Wells notice from the U.S. Securities and Exchange Commission, which raised the possibility of an enforcement action.
The Securities and Exchange Commission (SEC) has up its enforcement efforts in the cryptocurrency industry, targeting companies and programs it alleges were peddling unregistered securities. In addition, Coinbase is lending its support to plaintiffs who are suing the Office of Foreign Asset Control of the United States Treasury Department over its decision to ban the Tornado Cash mixer.
Neither Gupta’s LinkedIn page nor his Twitter profile indicated that he had left his position at Coinbase as of the article’s publication.
Nevertheless, the CEO of the largest cryptocurrency exchange in the United States, Brian Armstrong, seems to have confirmed that support for Bitcoin’s layer-2 scaling solution, Lightning Network, which enables almost instant transactions with zero transaction fees, will be added in the near future. Even so, Armstrong did not elaborate on when the community may expect Coinbase to provide support for the Lightning Network.
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