Coinbase and Grayscale, two of crypto’s largest firms, both saw a top executive step down this week. Coinbase Chief Legal Officer Paul Grewal and Grayscale Chief Financial Officer Edward McGee announced their exits hours apart.

Both are leaving on good terms after multi-year tenures, and each firm quickly named internal successors. Neither cited any dispute.

Coinbase Legal Chief Steps Down After Six Years

Grewal notified Coinbase on July 8 that he would leave as chief legal officer and secretary, effective July 31. He joined in 2020 from Facebook, where he served as deputy general counsel. Before that, he spent more than five years as a federal magistrate judge.

During his tenure, Grewal helped take Coinbase public in April 2021. The Nasdaq direct listing made Coinbase the first major US crypto exchange to trade publicly.

He then led its defense after the Securities and Exchange Commission (SEC) sued Coinbase in 2023. The agency dropped the case with prejudice in early 2025, without any fine.

Grewal also backed Coinbase’s move to Texas from Delaware and its push for federal crypto rules. He summed up those fights in his farewell note.

“After helping to take the company public, fighting the SEC and winning, moving us from Delaware to Texas, working to get GENIUS and soon CLARITY passed into law… now is my time for new adventures,” wrote Grewal.

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Molly Abraham, a vice president of legal, will become general counsel. Grewal also named Ryan VanGrack as vice chairman. Grewal will advise Coinbase through October and stay on its trust company board.

Grayscale CFO Exits After Seven Years

McGee stepped down as chief financial officer on July 2, ending seven years with the Digital Currency Group-owned firm. Grayscale said he left for personal reasons and thanked him for his service.

His tenure covered a turning point for the firm. In August 2023, a federal appeals court ruled that the SEC had wrongly rejected Grayscale’s application. The decision led the SEC to approve spot Bitcoin (BTC) exchange-traded funds (ETFs) in January 2024.

Grayscale converted its flagship Grayscale Bitcoin Trust (GBTC) that month. The fund held about $26.5 billion at the time.

Its 1.5% fee is six times the 0.25% that BlackRock’s iShares Bitcoin Trust charges. That gap has cut the total to about $10.5 billion by the end of March 2026.

McGee also supported Grayscale’s confidential IPO filing in 2025, which the firm has since paused.

Kathryn Masci and Daniel Plourde, both senior finance executives, will serve as interim co-chief financial officers. Masci also joins the board of managers and becomes principal financial and accounting officer.

What the Coinbase and Grayscale Exits Signal

Both departures land as Washington moves toward clearer crypto rules. The GENIUS Act became law in July 2025, while the CLARITY Act still awaits a full Senate vote.

By promoting from within, both firms signaled continuity rather than a change in direction. The coming months will show how their new leaders handle the next stage.

Source: BeInCrypto