FTX US President Brett Harrison Steps Down, Says Crypto Industry at Major Crossroads

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Brett Harrison of FTX US has announced that he will be stepping down from his position as president at the crypto exchange.

Breaking the news on Twitter, Harrison tells his 56,000 followers that he will be taking on a role as an advisor to FTX.

Harrison says that as he leaves FTX, the industry is on the verge of seeing a wave of new bigger players arriving to the markets.

“This industry is at a number of crossroads. The one that matters most to me, as a financial technologist, is the intersection of the arrival of larger market participants, and the increasing fragmentation and technological complexity of the market’s landscape.

The technological frictions that will occur at that intersection, and how effectively they’re reduced, will be a critical factor in determining the future growth and stability of crypto markets: their liquidity, their capitalization, their resilience, their utility.”

Harrison says he will be remaining in the industry with the goal of removing technical barriers to “full participation in and maturation of global crypto markets, both centralized and decentralized.”

The former FTX US president joins a recent trend of high-ranking crypto executives resigning from their positions.

Last week, Kraken CEO Jesse Powell announced he was stepping down from his position after an 11-year run.

In an interview with Protocol, Powell said that after he steps down, he hopes to have more time to help contribute more to the discussion of regulation in crypto.

“It’s stuff like the tax implications of doing certain crypto trades or exemptions to the size of a taxable transaction. The Tornado Cash thing is a good example of something that has really dangerous implications for the whole space. We don’t think that OFAC can actually sanction a smart contract. I think the implications of that are really scary and dangerous.

The SEC just said that they feel because there’s a concentration of Ethereum nodes in the United States that gives the United States full jurisdiction over the Ethereum network. I think it is a huge overreach, and we need to push back on that.”

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