- Vishal Gupta announces departure as Head of Exchange from Coinbase.
- Coinbase is at loggerheads with the US SEC for receiving a Wells notice after a cursory investigation of the company.
- Vishal Gupta may be starting a project involving digital assets or blockchain.
Vishal K. Gupta has resigned as the Head of Exchange at the popular cryptocurrency exchange—Coinbase.
Although Vishal will depart from the crypto exchange, an April 10 Bloomberg report states that the Exec will remain in the crypto industry, possibly working on new projects regarding virtual assets or blockchain.
With an impressive portfolio, it is no doubt that Vishal Gupta is recognized within the cryptocurrency and tech industry. Before his position as Head of Exchange at Coinbase, Vishal was the Head at the famous crypto stablecoin issuer Circle (USDC), and he was also a vice president for eight years at Goldman Sachs—an investment firm.
Vishal is departing the crypto firm after nearly three years of working. This is shortly after the Wells notice that Coinbase received from the US SEC (Securities and Exchange Commission) announcing its plans to take enforcement action against the company.
In September 2020, Vishal K. Gupta announced on Twitter that he was joining the Coinbase team. Many dignitaries in the crypto industry and tech world welcomed his new position at the crypto firm.
In a post on his LinkedIn page, Vishal penned his goodbye message to Coinbase, listing his achievements with the company and hinting that this will not be the end of his road in the crypto space.
“After an amazing 2.5 years at Coinbase, I’ve decided it’s time to move on. As Head of Exchange/Markets, I’m proud of our accomplishments together,” he said.
US SEC’s Wells notice against Coinbase
In March 2022, Coinbase published a blog stating that it requested reasonable crypto rules for Americans from the United States SEC but received legal threats in response.
According to the US-based crypto exchange, The SEC had given the crypto firm a Wells notice concerning an undefined portion of its listed digital assets, its staking service ‘Coinbase Earn,’ ‘Coinbase Wallet’ and ‘Coinbase Prime’ after a quick review.
What is a Wells notice?
A Wells notice is a letter sent by the US SEC to a business firm or individual after an investigation, announcing that legal actions will be taken against such person or company.
Coinbase claimed in its blog that it had asked the SEC to identify which assets on its platform may be securities; however, the SEC did not respond. Coinbase also indicated that it was ready to take on any challenge brought by the SEC.
“We welcome a legal process to provide the clarity that we have been advocating for and to demonstrate that the Securities and Exchange Commission has not been reasonable regarding its engagement on digital assets,” the blog reads.
Conclusion
Vishal Gupta announced his departure from Coinbase after working with the firm for almost three years. The former Head of Exchange is leaving behind many achievements and is on good terms with the company’s executive team, as he thanks them in his farewell message on LinkedIn.
