Brett Harrison Quits as FTX US’ President, Moves into Advisory Role

Brett Harrison, the US President of the cryptocurrency exchange FTX, announced on Tuesday that he was stepping down from his position.

“Over the next few months, I’ll be transferring my responsibilities and moving into an advisory role at the company,” Harrison announced in a Twitter thread.

His resignation comes amidst the expansion efforts of FTX US which just won the bid to acquire the bankrupt cryptocurrency firm, Voyager Digital with $1.4 billion.

Harrison noted that until he shares his next move, he will remain busy supporting the CEO, Sam Bankman-Fried, and the team with his transition, ending the year well.

Additionally, he noted that he will remain in the industry “with the goal of removing technological barriers to full participation in and maturation of global crypto markets, both centralized and decentralized.”

Harrison explained: “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.”

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.

— Brett Harrison (@BrettHarrison88) September 27, 2022

An Industry in Distress

Harrison’s resignation comes during a period when the cryptocurrency industry is in distress.

After the collapse of TerraUSD and Luna, the industry saw the crypto hedge fund, Three Arrows Capital and crypto lenders Celsius and Voyager Digital file for bankruptcy.

Crypto exchanges Coinbase, BlockFi and Crypto.com also shed off significant portions of their workforces.

However, FTX, which achieved a 1000% boost in its revenue in 2021, remained strong, announcing a raft of acquisition deals including the recent plan of its venture capital arm to acquire a 30% stake in SkyBridge Capital.