Ripple expresses concern on likely SEC chair nominee
Brad Garlinghouse, the CEO of Ripple, is worried about Bob Stebbins possibly becoming the securities regulator’s chair.
Robert Stebbins is one of several contenders to succeed Gary Gensler as SEC chairman. According to the law firm Willkie, where he is currently a partner, he was instrumental in advising on more than 85 rules and supervising more than 2,750 enforcement actions during his time as the agency’s general counsel.
“If Trump wants to make the US the crypto capital, Stebbins should be out of the question,” the industry executive said in response to a post on X by crypto researcher “Anders,” who called Stebbins “the old guard candidate for the SEC chair.”.
“Out of some strong candidates for SEC Chair, it’s unconscionable to consider someone directly involved in Bill Hinman’s unethical (probably illegal) push to pick winners and losers in crypto,” Garlinghouse concurred. It would be like going back to the beginning of the era of regulation by enforcement if we chose Stebbins. ”
The industry’s top pick, Hester Peirce, popularly referred as “crypto mom,” is another possible candidate for SEC chair. Additionally, there is Paul Atkins, a former SEC commissioner and member of Trump’s 2016 transition team, Robinhood CLO, and former commissioner Dan Gallagher.
Industry’s Top Pick
Potential outsiders include former CFTC Chairman Heath Tarbert and another SEC commissioner, Mark Uyeda. Gary Gensler hinted that he might resign soon, but he remained firm in his enforcement regulations last week.
“Democracies have consequences,” as Gary Gensler himself has stated, and this is no exception. Within weeks of the election, his three most recent predecessors resigned. Gensler ought to take their example and declare his intention to resign right away.
‘As his shortcomings mount and his credibility erodes, he is instead clinging to power and strutting around on a so-called “legacy tour,” according to the Cedar Innovation Foundation.
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