Michael Lempres Quits Coinbase To Take A Role In Andreessen Horowitz
One of the largest U.S. crypto exchanges, Coinbase is parting ways with their chief policy officer. This story is coming when communication between Washington and the crypto sector is becoming vital to the survival of crypto companies.
Michael Lempres, who was named the firm’s policy officer in September after serving more than a year as its legal chief, is leaving to take on a new role at venture capital firm Andreessen Horowitz, who were an early investor in Coinbase.
“As chief legal and risk officer during a time of tremendous growth for Coinbase, Mike was instrumental in building the company’s legal and compliance functions and driving our vision of trust through compliance. We wish him the best in his new position with Andreessen Horowitz,”
Coinbase said in an email to Bloomberg News.
The Bloomberg report says that Lemperes moving out adds to the negative perception around crypto regulation as his role involved negotiations with various global regulators. The gap left after his departure the much-needed talent to steer the movement in the right direction.
It’s still not obvious who will take the lead on policy as U.S. regulators decide how best to regulate the maturing market. Lempres passed his policy role when the top U.S. cryptocurrency exchange brought on Brian Brooks to head its legal department. Brooks had taken over a lot of Lempres’ responsibilities when he first joined the firm.
There are critics who are pointing out that this move is inspired partly by the current crypto markets. Although, it is important to remember that people who are abandoning the crypto ecosystem because times are getting hard, were only here to make a quick buck and not because they trust in the technlogy.