4 days ago
13 ARTICLE AD
Ripple CEO Brad Garlinghouse criticized the potential appointment of Bob Stebbins as the next SEC Chair, citing Stebbins’ role in past regulatory actions in the Ripple vs SEC lawsuit.
Key Notes
Garlinghouse warned that Stebbins' appointment could signal a return to the "regulation by enforcement" era, stifling crypto innovation.Prominent figures in the crypto community, including XRP lawyer John Deaton, have endorsed Brad Bondi for the SEC chair role.Deaton praised Bondi's understanding of decentralized finance (DeFi) and self-custody rights.As there’s been a lot of clamor regarding whom Donald Trump will appoint as the next chair of the US Securities and Exchange Commission (SEC), Ripple CEO Brad Garlinghouse shared his honest view. Garlinghouse has outrightly shared his displeasure of having Bob Stebbins, who is one of the contenders for the US SEC Chair.
Moreover, many in the crypto community believe that Bob Stebbins has been behind all the crackdowns in the crypto market during the Biden administration. In a post on the X platform, crypto researcher Ander noted:
“Stebbins is the old guard candidate for the SEC chair. If Trump truly wants to make US the crypto capital, Stebbins should be out of the question.”
Responding to this, the Ripple CEO drew attention to Stebbin’s involvement in the Ripple vs SEC lawsuit, where he specifically referred Bill Hinman’s controversial handling of cryptocurrency policies.
“In a group of strong candidates for SEC Chair, it’s unconscionable to consider someone directly involved in Bill Hinman’s unethical (likely illegal) push to pick winners and losers in crypto,” Garlinghouse stated.
He also warned that getting Bob Stebbins as the SEC Chair would reintroduce the “regulation by enforcement” approach, ultimately stifling innovation and clarity. “Choosing Stebbins would be akin to bringing us back to the start of the regulation by enforcement era,” added Garlinghouse.
Crypto Community Rejects Bob Stebbins as US SEC Chair
Others from the crypto community have also voiced strong opposition to having Bob Stebbins as the US SEC chair. Currently, there are four potential names in the race including Paul Atkins, Dan Gallagher, Brad Bondi and Bob Stebbins. Former SEC chief John Reed Stark recently shared an insightful message on the X platform as to who could be the right choice.
Possible SEC Chair nominations of Atkins, Bondi, Gallagher and Stebbins — Who Are These Guys?
Kudos @EleanorTerrett, nice job on reporting the SEC Chair short list to us all — you are killing it as always. Atkins, Gallagher, Bondi and Stebbins are all highly impressive choices… https://t.co/RbPXtqtTzX pic.twitter.com/9TlE02Z5S3
— John Reed Stark (@JohnReedStark) November 16, 2024
XRP lawyer John Deaton stated “The SEC REQUIRES a shakeup” and thus he would choose Brad Bondi as the right choice for the US SEC chair. “Choosing Stebbins is not shaking things up and certainly not making Crypto one of the pillars of an economic revival. Stebbins signed off on EVERY crypto enforcement action when the SEC’s war on crypto began, including personally approving and encouraging 80 or so SEC crypto-related enforcement actions,” he added.
Furthermore, Deaton also explained why Brad Bondi would be the right choice. The XRP lawyer added that Bondi truly understands decentralized finance (DeFi) and self-custody rights for crypto holders. Furthermore, he also said that other candidates such as Gallagher and Atkins, lack Bondi’s depth of understanding on these critical issues.
Bondi’s stance could signal a pivotal shift in how the SEC approaches crypto regulation, emphasizing individual rights and the decentralized ethos of blockchain technology, added Deaton. He also quoted former SEC chief John Reed Stark who said that “Brad [Bondi] will transform the SEC from a vilified schoolyard bully into a respected, reflective and crypto-industry friendly institution, though he will be tough but fair. Brad is clearly the most likely of this group of nominees to really shake things up at the SEC.”
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
SEC Crypto News, Cryptocurrency News, News
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
