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Ripple’s CEO has warned against SEC Chair candidates tied to past enforcement controversies, urging leadership that fosters innovation and ends punitive crypto regulation.
A Name Sparks Debate: Ripple CEO Slams SEC Chair Prospect
Brad Garlinghouse, CEO of Ripple, has criticized the potential appointment of Caroline Stebbins as the next U.S. Securities and Exchange Commission (SEC) Chair, warning it could harm the crypto industry. Posting on social media platform X Monday, Garlinghouse stated:
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.
Choosing Stebbins would be akin to bringing us back to the start of the regulation by enforcement era.
This criticism comes amid expectations that current SEC Chair Gary Gensler will step down after Thanksgiving, with reports suggesting he may leave in early January, ahead of President-elect Donald Trump’s inauguration.
Trump has pledged to dismiss Gensler immediately, raising speculation about who will lead the agency next.
Paul Atkins, Dan Gallagher, Brad Bondi, and Bob Stebbins are among those some believe to be under consideration for SEC Chair.
Atkins and Gallagher are seen as more industry-friendly, while Stebbins faces opposition from crypto advocates due to her involvement in controversial enforcement actions, including the ongoing Ripple case. John Reed Stark, former head of the SEC’s Internet Enforcement division, has warned of risks under some candidates, cautioning against weaker oversight.
Crypto proponents, meanwhile, hope new leadership will bring clearer and less punitive regulatory policies. SEC Commissioner Hester Peirce is reportedly not interested in the position, and SEC Commissioner Mark T. Uyeda has also emerged as a potential contender.
William “Bill” Hinman is a former director of the SEC’s Division of Corporation Finance, where he served from 2017 to 2020.
Critics have accused him of picking winners and losers in the cryptocurrency industry due to his 2018 speech, where he stated that ether (ETH) was not a security, while not providing similar clarity for other cryptocurrencies like XRP.
Ripple has been entangled in a lawsuit with the SEC since 2020 over allegations that XRP token sales were unregistered securities offerings. In 2023, a judge issued a partial ruling in Ripple’s favor.
The SEC has appealed portions of the decision, leaving the case ongoing and critical for the future of crypto regulation.
However, Garlinghouse has predicted a transformative era for cryptocurrency in the U.S., attributing the shift to anticipated relaxed regulatory oversight under President-elect Donald Trump.
He described Trump as a crypto president who embraces innovation and entrepreneurship, signaling the end of restrictive SEC actions. Confident in the industry’s future, Garlinghouse urged a departure from regulation by enforcement, calling this moment “a totally new day” for crypto innovation.
