Coinbase’s head of the capital market group, Brett Redfearn, has called quits with the company in less than five months.
Brett was the former director of the division of trading and markets at the United States Securities and Exchange Commission (SEC). The Wall Street Journal first reported the news back at the end of July.
According to some sources, the decision is taken due to the company deciding to “shift its priorities away from digital-asset securities”. The priority shift reflected the company’s focus on DeFi due to the increased demand of consumers. “As we looked at prioritizing DeFi, we deprioritized the digital-asset securities area,” the source said.
Coinbase appointed many government individuals before its Initial Coin Offering (IPO) in April. Brett was responsible for the exchange’s strategy for crypto capital markets.