Coinbase has replaced or reassigned four senior leaders after cutting 14% of its workforce, as the U.S. crypto exchange works to build a broader platform spanning crypto, stocks, derivatives and prediction markets.

The changes include an expected transition in the company’s People team. A Coinbase regulatory filing says Chief People Officer Lawrence Brock will leave his position on Aug. 17 and remain with the company through Sept. 1 to transfer his responsibilities. Coinbase expects to appoint Dominique Baillet as Brock’s successor, putting her in charge of hiring, retention and workplace operations during a period of product expansion.

Under an agreement signed on July 23, Brock will continue advising Coinbase from Sept. 2 through Nov. 30, according to the filing. After the advisory period, he will receive a payment equal to three months of his current base salary, along with continued vesting of restricted stock units scheduled for Nov. 20. The filing did not give a reason for his departure.

Brock’s exit follows a series of changes across Coinbase’s legal, institutional and Base teams. CertiK Pulse reported that Greg Tusar, co-head of Coinbase Institutional, has moved into a policy-focused role after working on the company’s prime brokerage, custody, financing and exchange products.

Paul Grewal also plans to step down as chief legal officer and corporate secretary on July 31 after six years at Coinbase. Vice President of Legal Molly Abraham will become general counsel and secretary, while Ryan VanGrack will serve as Coinbase’s first vice chair and head of corporate affairs.

Reuters reported that Grewal will remain an adviser and keep his seat on the board of Coinbase National Trust Company. During his time at Coinbase, Grewal helped the company respond to the Securities and Exchange Commission’s 2023 lawsuit and supported the crypto industry’s campaign for new market legislation in Washington. Those legal and policy functions remain central as Coinbase moves beyond spot crypto into products that operate under different market and compliance frameworks.

Coinbase cuts layers while expanding products

The executive changes come less than three months after Coinbase announced plans to eliminate about 700 jobs, or 14% of its workforce. CEO Brian Armstrong tied the May decision to volatile crypto markets and productivity gains from artificial intelligence, while Coinbase estimated restructuring costs of $50 million to $60 million.

Armstrong told employees that Coinbase needed smaller and more efficient teams, according to a company letter reported by Business Insider. The exchange also planned to reduce management layers and test team structures in which fewer employees perform work that previously required several specialized roles.

Changes have also reached Base, Coinbase’s layer-2 network. Jesse Pollak has stepped back from leading the network’s consumer app and transferred control to Jordan Fish, widely known as Cobie. Pollak acknowledged that his focus on social applications and creator coins had not produced the adoption he expected, according to CoinDesk.

Pollak will instead focus on developing Base as a blockchain for global finance, with trading, payments and tokenization taking priority. Coinbase has kept the Base app under its control, while the leadership change separates the consumer product from Pollak’s work on the underlying network.

The personnel moves are taking place as Coinbase describes its business as an “Everything Exchange” that gives customers access to crypto, equities, derivatives and event contracts from a single platform. According to a Coinbase announcement, the company has opened commission-free stock and exchange-traded fund trading to all eligible U.S. users, with access available 24 hours a day on five weekdays.

That strategy makes execution across product, compliance and operations more important because Coinbase is trying to add traditional financial-market features while continuing to run its core crypto exchange and infrastructure businesses. Prediction markets have become an early revenue source in that model. Coinbase reported that the product reached more than $100 million in annualized revenue in March after operating nationwide for two full months. Its first-quarter results also put annualized retail derivatives revenue above $200 million and crypto trading-volume market share at a record 8.6%.

Weak crypto conditions test the expansion

Coinbase’s product expansion is advancing while its research unit keeps a neutral outlook for the third quarter. Coinbase Institutional and Glassnode reported that total crypto market capitalization, excluding stablecoins, fell by about 12% during the second quarter.

Their joint “Charting Crypto Q3 2026” report found early signs of Bitcoin accumulation, but concluded that tighter liquidity, the U.S.–Iran conflict and weak exchange-traded fund demand continued to limit the market. Coinbase Institutional said record stablecoin supply suggested that some sellers moved capital into dollar-linked tokens rather than withdrawing it from crypto entirely.

COIN traded at $158.50 on July 24, down 1.65% from its previous close, with an intraday range of $153.80 to $163.50. That move left Coinbase with a market value of about $42 billion, while its shares remained under pressure after falling 31.9% during 2026 and 59.4% over the preceding year.

Baillet’s expected appointment places Coinbase’s People team between two priorities: managing a smaller workforce and supporting new asset categories. Investors will next be able to assess the company’s execution when Coinbase publishes its second-quarter financial results after the market closes on July 30.