Ripple CEO Brad Garlinghouse has expressed concerns about the potential appointment of Bob Stebbins as chair of the securities regulator.<\/p>\n
The industry executive responded to a post on X by crypto researcher \u2018Anders\u2019 who described Stebbins as \u201cthe old guard candidate for the SEC chair\u201d before adding:<\/p>\n
\u201cIf Trump truly wants to make the US the crypto capital, Stebbins should be out of the question.\u201d<\/p>\n
Garlinghouse agreed, commenting that from a group of strong candidates for SEC Chair, \u201cit\u2019s unconscionable to consider someone directly involved in Bill Hinman\u2019s unethical (likely illegal) push to pick winners and losers in crypto.\u201d<\/p>\n
\u201cChoosing Stebbins would be akin to bringing us back to the start of the regulation by enforcement era.\u201d<\/p>\n
In a group of strong candidates for SEC Chair, it\u2019s unconscionable to consider someone directly involved in Bill Hinman\u2019s unethical (likely illegal) push to pick winners and losers in crypto.<\/p>\n
Choosing Stebbins would be akin to bringing us back to the start of the regulation by\u2026<\/p>\n
\u2014 Brad Garlinghouse (@bgarlinghouse) November 19, 2024<\/a><\/p>\n\n Robert Stebbins is one of several candidates to take over<\/a> from Gary Gensler as head of the SEC under the new administration.\u00a0During his tenure as general counsel at the agency, he played a crucial role in advising on over 85 rules and overseeing more than 2,750 enforcement actions, according<\/a> to legal firm Willkie, where he is currently a partner.<\/p>\n He also assisted Trump\u2019s SEC chair, Jay Clayton, in assembling his team when he took office in 2017.<\/p>\n \u201cHe literally signed off on over 80 crypto-related enforcement actions and preferred not to have ETH declared a non-security,\u201d said former candidate John Deaton, who advised Donald Trump \u201cnot make the big mistake of picking Stebbins,\u201d adding:<\/p>\n \u201cStebbins argued it\u2019s better to not provide clarity and leave it vague in order to allow the SEC maximum discretion to attack it later. That\u2019s disgusting and exemplifies why we need a reformer.\u201d<\/p>\n Messari founder Ryan Selkis said, \u201cA securities law maximalist might get the SEC nod, and it\u2019s no bueno for crypto,\u201d before adding, \u201cWe can\u2019t screw this one up again.\u201d<\/p>\n I was feeling good yesterday, and now not so good.<\/p>\n A securities law maximalist might get the SEC nod and it\u2019s no bueno for crypto.<\/p>\n We can\u2019t screw this one up again.<\/p>\n cc: @DonaldJTrumpJr<\/a> @RobertKennedyJr<\/a> https:\/\/t.co\/kXxvizT6oT<\/a><\/p>\n \u2014 Ryan Selkis (d\/acc) (@twobitidiot) November 19, 2024<\/a><\/p>\n\n Other potential SEC chair candidates include the industry\u2019s preferred choice, Hester Peirce<\/a>, also known as \u201ccrypto mom.\u201d\u00a0There is also Robinhood CLO and former commissioner Dan Gallagher and Paul Atkins who was a part of Trump\u2019s 2016 transition team, also previously serving as an SEC commissioner.<\/p>\n Another SEC commissioner, Mark Uyeda, and former CFTC Chairman Heath Tarbert are also potential outsiders.<\/p>\n Last week, Gary Gensler remained steadfast<\/a> in his regulation by enforcement policies but hinted that he might step down soon.<\/p>\n \u201cGary Gensler himself has said \u2018democracies have consequences\u2019 \u2014this one is no exception. His three most recent predecessors resigned within weeks of the election. Gensler should follow their lead and announce his plans to step down immediately. Instead, he\u2019s clinging to power, parading around on a so-called \u2018legacy tour\u2019 while his failures pile up and his credibility crumbles,\u201d stated the Cedar Innovation Foundation.<\/p>\n It\u2019s time for Gary Gensler to resign. #ResignGary<\/a> pic.twitter.com\/1XF2e0lDRQ<\/a><\/p>\n \u2014 CEDAR Innovation Foundation (@CIFonX) November 18, 2024<\/a><\/p>\n\n The post Ripple CEO Warns: SEC Chair Candidate Stebbins Could Revive \u2018Regulation by Enforcement\u2019 Era<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Ripple CEO Brad Garlinghouse has expressed concerns about the potential appointment of Bob Stebbins as chair of the securities regulator. The industry executive responded to a post on X by crypto researcher \u2018Anders\u2019 who described Stebbins as \u201cthe old guard candidate for the SEC chair\u201d before adding: \u201cIf Trump truly wants to make the US […]<\/p>\n","protected":false},"author":0,"featured_media":21574,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-21573","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/21573"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21573"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/21573\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/21574"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21573"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21573"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21573"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}One Step Forward, Two Back?<\/h2>\n
Better Options<\/h2>\n