One of the largest US cryptocurrency exchanges, Coinbase, has announced that the head of policy, Mike Lempres, is leaving during a time when communications between Washington and the crypto sector are more important than ever, Blomberg reports.
Lempres was named as policy officer in September after he spent more than a year as Coinbase’s legal chief. Now, according to a statement from the exchange, he’s leaving in favor of a position at Andreessen Horowitz, who happened to be one of the early investors 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,” Coinbase told Bloomberg. “We wish him the best in his new position with Andreessen Horowitz.”
Coinbase announced at the end of October that the exchange’s total valuation had hit $8 billion after its Series E equity round brought in another $300 million of investment.