Brett Harrison, the chairman of FTX US, has joined a growing list of crypto leaders leaving their senior positions in the industry.
Brett a d resigning from his role at Twitter, saying he hopes to hand over his responsibilities and take on an advisory role at the company in the coming months.
He pointed out that in his year and a half at FTX US, he helped grow the exchange from three multi-taskers to a team of over 100 people; helped the exchange become a multi-business enterprise; wrote a stock and retail trading platform and set up a brokerage in the United States; Additionally, he has worked with regulators and led mergers and acquisitions for FTX.
“I have no doubt that my experiences in this role will be among the most valuable of my career. Above all, I am grateful to SBF [CEO de FTX, Sam Bankman-Fried] for the opportunity and trust he gave me during this period of The FTX Story. I am glad to have your friendship and support in this decision,” he wrote.
Brett added that he intends to stay in the crypto industry to help address the issue of technological barriers to participation in the crypto market. This is especially important as larger players join the market and the market becomes increasingly fragmented and technologically complex.
Meanwhile, his resignation came a month after the Federal Deposit Insurance Corporation (FDIC) posted a tweet in July containing misleading claims that funds held and stocks purchased through FTX were FDIC insured.
Reuters reported at the time that the exchange was ordered by the banking regulator to end “false and misleading claims” and remove misleading language from its social media accounts and websites. FTX carried out the directive and SBF apologized to anyone who misunderstood the president’s statement.
The Crypto Industry Is Seeing Many High-profile Resignations Lately
Brett’s resignation from FTX is just the latest high-profile case of a crypto executive resigning. Former executives who have resigned or changed their appointments include Jesse Powell of Kraken, Michael Saylor of MicroStrategy, Alex Mashinsky of Celcius, Michael Moro of Genesis, and Sam Trabucco of Alameda Research.
In the case of Michael Saylor, his resignation was intended to facilitate a change of chairmanship that would allow him to focus on growing the company’s Bitcoin holdings. Meanwhile, Mashinksy left Celcius amid bankruptcy proceedings at the crypto lender.
Most notably, most of these resignations came as turmoil in the cryptocurrency market led to stress and even the collapse of some prominent companies.