Ex-SEC Director Brett Redfearn Leaves Coinbase After 4 Months

The departure of Coinbase's VP of capital markets points to a strategy shift within the publicly traded crypto exchange.

Aug 9, 2021 at 6:35 p.m. UTC
Updated Sep 14, 2021 at 1:37 p.m. UTC

Coinbase VP of Capital Markets Brett Redfearn is out after just four months on the job, a Coinbase spokesperson told CoinDesk. The Wall Street Journal was first to report the news of the former Securities and Exchange Commission (SEC) official leaving the company at the end of July.

The rift points to a strategy shift within the publicly traded crypto exchange, unnamed sources told the paper, with Coinbase deciding to "shift its priorities away from digital-asset securities," the report said.

A source with knowledge of the situation told CoinDesk the priority shift reflected growing consumer demand for access to decentralized finance (DeFi). “As we looked at prioritizing DeFi, we deprioritized the digital-asset securities area,” the source said.

The reportedly "amicable" split with Redfearn comes as actions in Washington and beyond cast doubt on whether tokenized stocks comply with current regulatory frameworks. Binance, in particular, has been hit hard for its securities product, abruptly discontinuing the product in mid-July.

Redfearn's hire was announced March 30, just weeks before Coinbase went public in a hotly anticipated debut on the Nasdaq stock exchange.

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
GameStop Unveils Crypto & NFT Wallet, Beeple's Twitter Account Latest to Phishing Scam Hacks and More

The most valuable crypto stories for Thursday, May 23, 2022.

The most valuable crypto stories for Thursday, May 23, 2022.

CoinDesk - Unknown
2
CoinDesk - Unknown
First Mover Asia: Funds Lost Billions in the Terra Collapse. Here are the Ongoing Effects; Bitcoin Sees Red

When a fund suffers a major dent to its token, the impact reverberates widely throughout the venture funding eco-system; most major cryptos fell despite gains in U.S. equity markets.

When a fund suffers a major dent to its token, the impact reverberates widely throughout the venture funding eco-system; most major cryptos fell despite gains in U.S. equity markets.

CoinDesk - Unknown
3
CoinDesk - Unknown
At Davos, Crypto Is No Longer on the Outside

Cryptocurrencies have taken a prominent role at the World Economic Forum's annual meeting in Davos, despite the mainstream finance world's apparent contempt for the sector.

Cryptocurrencies have taken a prominent role at the World Economic Forum's annual meeting in Davos, despite the mainstream finance world's apparent contempt for the sector.

CoinDesk - Unknown
4
CoinDesk - Unknown
Wall Street Says a Fed Digital Dollar Spells Destruction for Banks

The Federal Reserve is considering whether to launch a CBDC like other nations, and bankers argue that’s a dangerous idea.

The Federal Reserve is considering whether to launch a CBDC like other nations, and bankers argue that’s a dangerous idea.

CoinDesk - Unknown