Reportedly, the expansion of Coinbase and the distancing from digital asset securities as a priority ultimately led to the resignation of Brett Redfearn.
Similar to Brooks resigning from Binance, Redfearn resigned from Coinbase less than 5 months after being selected for the position. He formerly was Director of Trading and Markets at the SEC.
As Coinbase is looking to expand, Redfearn was one of the high-profile recruits of this year. His resignation was indeed confirmed by Coinbase Representatives.
This resignation occurred in the last week of July, as per the Wall Street Journal. The shift away from digital asset securities is the main factor leading to Redfearn recusing himself from his position at Coinbase, according to individuals that were aware of the cause.
Before the IPO in April of this year, Coinbase hired many former government individuals prior to and during the offering, among them Brett Redfearn who was in charge of digital asset securities, as well as the exchange strategy for crypto markets.
While Bitcoin and other cryptocurrencies are being considered as commodities in US regulations, digital asset securities are encompassed by the definition of securities by US Law, which also covers bonds and stocks.
Coinbase hired Faryar Shirzad as Chief Policy Officer, the former National Security Council for the White House. In addition, Pankaj Gupta, former leading engineer at Google Play was recruited by Coinbase as part of expanding operations to India.