Chief Financial Officer (CFO) and General Counsel at crypto venture capital firm Paradigm are set the leave the company this month.
Nathan Apsel, CFO of Paradigm, and Reena Jashnani-Slusarz, the company’s General Counsel, are expected to depart by mid-September, according to an internal email from the company.
The email detailed that the departure of Apsel and Jashnani-Slusarz comes after over two years of service, during which time the firm saw substantial growth.
Since then, Paradigm has doubled in size, launched its first venture fund, hosted its inaugural in-person LP Summit, and expanded its Legal and Finance teams.
“I want to thank both of them for their tremendous contributions and helping us build Paradigm into what we are today,” COO Alana Palmedo reportedly said in the email.
“Our Legal and Finance teams are fierce and powerful thanks to you!”
While the firm did not offer any specific reason for their departure, sources familiar with the matter have claimed that the company will maintain its legal team under the leadership of Chief Legal Officer Katie Biber.
Biber, who joined Paradigm more than a year ago, will continue to oversee the legal department.
Sources have also revealed that Paradigm will be announcing a new CFO in the following months.
This could mean that the firm aims to continue its growth trajectory without reducing staff or making significant changes to its overall operations.
Recent hires on the policy team, such as Alex Grieve, and the addition of Cookie Wiese as People Lead further reinforce the notion that Paradigm is maintaining its commitment to expansion and enhancement.
Paradigm Weighs In On SEC Crypto Crackdown
Last month, Paradigm challenged the US Securities and Exchange Commission‘s authority to regulate secondary markets for crypto assets.
The company filed an amicus brief in the SEC’s case against cryptocurrency exchange Bittrex, challenging the regulator’s attempt to expand its jurisdiction over crypto secondary markets.
In the legal document submitted to the court, Paradigm argued that the SEC’s claims against Bittrex and other crypto exchanges are fundamentally different from its previous cases against token sellers.
Paradigm, which previously filed a similar amicus brief in support of Coinbase, criticized SEC Chair Gary Gensler for his inconsistent stance on regulating secondary markets.
The company argued that Gensler himself admitted that the agency lacked the authority to regulate these markets in 2021.
However, the SEC is now asserting that it possesses the authority and is seeking retroactive penalties against companies that have not complied.
The investment firm also contended that even if a cryptocurrency asset was initially sold in an ICO, the SEC has no legal basis to argue that the asset itself constitutes an investment contract.