Coinbase has appointed a new VP for the Capital Markets branch: he is Brett Redfearn and comes from the SEC.
This was announced by the company on its official blog.
As explained by Surojit Chatterjee, Chief Product Officer of Coinbase, these will be his tasks:
“He will be responsible for defining and driving a vision and strategy to set the global standard for crypto capital markets, including digital asset securities and our crypto trading platform”.
Brett comes from 25 years of experience in senior roles in the crypto industry. His most recent role was as Director of the Division of Trading & Markets in the SEC.
In addition, he has 13 years of previous experience at JP Morgan.
Brett Redfearn, from the SEC to Coinbase
The background at the SEC has helped the new VP of Coinbase to become familiar with the cryptocurrency industry from its early days, which have not been the most prosperous. Indeed, Brett Redfearn recalled his take on ICOs back in 2017. It was the era when regulation was not well understood nor was it clear to the companies themselves how they should adapt. Brett Redfearn recalls in this regard:
“Unfortunately, my initial experience with initial coin offerings tokens was primarily through Enforcement cases. Many early token innovators did not realize that they were actually creating securities that were subject to a significant set of regulatory requirements. This happened all too often during the ICO rush of 2017. I also witnessed efforts to build marketplaces for digital assets, including securities, some of which were more attuned to regulatory obligations than others”.
It was this initial difficulty that made it clear that a lot of work needs to be done to stay compliant with the law:
“Through it all, I appreciated the significant potential in this space if issuers, markets, and market participants could appropriately navigate the regulatory landscape. And that is something I can help make happen. Working hand-in-hand with the outstanding engineers at Coinbase and innovators in the new crypto economy, I intend to help build a market ecosystem that creates new efficiencies and democratizes the investment process while being 100% compliant with our securities laws”.
The regulatory landscape since 2017 has changed and according to Brett Redfearn, the new approach that authorities such as the SEC, CFTC and OCC are taking will give huge opportunities to the cryptocurrency industry.
Particular hopes are pinned on the new chairman of the SEC, Gary Gensler. Brett Redfearn says of him:
“The new Chairman of the SEC, is extremely knowledgeable about all things crypto, including digital assets. I think he will help to provide greater regulatory clarity. And lastly, the investing public and market participants — including institutions and traditional brokerage firms — are increasingly realizing the potential of blockchain technology and its potential to play a significant role in our markets’ future, including securities markets”.
Overall, it is a landscape that is looking positive.