The former head of trading at the U.S. Securities and Exchange Commission (SEC), Brett Redfearn, left his post as vice president of the cryptocurrency exchange Coinbase at the end of July, four months after his appointment. The Block reports, citing a company spokesperson.
“We value his contribution and wish him all the best in his future endeavours,” a Coinbase spokesperson said.
The Wall Street Journal first reported Redfearn’s departure. An informed source told the newspaper that he left the company after Coinbase decided to shift its strategy — namely towards digital assets with security-like properties [digital-asset securities].
In a conversation with The Block, a Coinbase spokesperson said that the cryptocurrency exchange is prioritising decentralised finance (DeFi). Earlier, the company added to its digital wallet support for dapps on the Polygon blockchain and acquired the startup Zabo, which offers clients an API to connect to blockchain protocols, including in the DeFi space.
A source familiar with the situation told CoinDesk that the cryptocurrency exchange is focusing on the DeFi sector. At the same time, the company has allegedly deprioritised the digital securities space.
In 2018 Coinbase acquired the California broker-dealer Keystone Capital to offer clients blockchain assets with security-like properties. The company never launched any product or service in this area.
Coinbase said it hired Redfearn in late March — a couple of weeks before its direct listing on the Nasdaq stock exchange.
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