The head of policy at Coinbase has left the U.S.' largest exchange and wallet provider to work at investment giant Andreessen Horowitz, Bloomberg quotes a statement as confirming November. 22.

Mike Lempres, who worked only briefly in the part after swapping over from being Coinbase's legal caput in September, had already decided to leave at the time, the publication says.

Like all exchanges serving the U.S. market, Coinbase continues to battle patchwork regulatory frameworks that vary state to country, also as ongoing reviews of the status of certain types of cryptocurrencies.

While it remains unknown who will replace Lempres, head of legal at the company is currently Brian Brooks, who "took over most of his responsibilities."

"Every bit chief legal and hazard 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," the argument reads, calculation:

"We wish him the all-time in his new position with Andreessen Horowitz."

Coinbase previously received investment capital from the firm, which led its 2022 Series B funding round worth $25 million. Andreessen Horowitz also contributed to a major $300 million round for the substitution this October.

The exchange service encountered fresh legal woes this week after a previously-discarded user-filed lawsuit over alleged insider trading of Bitcoin Greenbacks came back to life, with a hearing appointment set up for January 2022.

In October, an executive revealed tentative plans to add up to 300 cryptocurrencies to its trading platform, while dispelling rumors the company would carry an IPO.