Ripple CEO Brad Garlinghouse Opposes Bob Stebbins for US SEC Chair
There has been significant discussion regarding Donald Trump's potential appointment for the next chair of the US Securities and Exchange Commission (SEC). Ripple CEO Brad Garlinghouse expressed his disapproval of Bob Stebbins, a candidate for the position.
The crypto community is concerned that Stebbins has contributed to regulatory crackdowns on the crypto market during the Biden administration. Crypto researcher Ander commented on the X platform, stating:
“Stebbins is the old guard candidate for the SEC chair. If Trump truly wants to make the US the crypto capital, Stebbins should be out of the question.”
Garlinghouse highlighted Stebbins' involvement in the Ripple vs SEC lawsuit and criticized Bill Hinman’s management of cryptocurrency policies. He remarked, “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.”
He warned that appointing Stebbins would revive the "regulation by enforcement" strategy, which could hinder innovation and clarity: “Choosing Stebbins would be akin to bringing us back to the start of the regulation by enforcement era.”
Crypto Community Rejects Bob Stebbins as US SEC Chair
Others in the crypto community have also opposed Stebbins' candidacy. The current contenders include Paul Atkins, Dan Gallagher, Brad Bondi, and Bob Stebbins. Former SEC chief John Reed Stark shared insights about the possible nominations on the X platform:
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
— John Reed Stark (@JohnReedStark) November 16, 2024
XRP lawyer John Deaton stated, “The SEC REQUIRES a shakeup,” endorsing Brad Bondi for the role. He noted that choosing Stebbins would not represent a significant change, as he approved numerous enforcement actions against crypto since the beginning of the SEC's crackdown. Deaton emphasized Bondi’s understanding of decentralized finance (DeFi) and self-custody rights for crypto holders, suggesting that other candidates lack Bondi’s insight into these critical issues.
Bondi’s perspective could indicate a transformative approach to SEC crypto regulation, prioritizing individual rights and the decentralized principles of blockchain technology. Deaton quoted John Reed Stark, who stated 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.”