“Unconscionable”: Ripple CEO Slams Top Candidate to Replace Gensler

11/19/2024 12:43
“Unconscionable”: Ripple CEO Slams Top Candidate to Replace Gensler

One of the leading contenders to replace Gensler hsa come under fire from Ripple executives

One of the leading contenders to replace Gensler hsa come under fire from Ripple executives

“Unconscionable”: Ripple CEO Slams Top Candidate to Replace Gensler

Cover image via U.Today

Ripple CEO Brad Garlinghouse has joined the list of critics of Robert Stebbins, former General Counsel for the Securities and Exchange Commission (SEC).

In his social media post, Garlinghouse said that picking Stebbings as the next SEC boss would be "unconscionable" due to his involvement in the controversy revolving around the Director of Corporation Finance William Hinman's 2018 speech that recognized Ethereum as a non-security. 

"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 said.   

Stebbins recently emerged as one of the top candidates to replace SEC Chair Gary Gensler. However, his candidacy has come under fire from the cryptocurrency industry. Due to the fact that Stebbings personally approved dozens of cryptocurrency cases under former Chairman Jay Clayton. Some believe that Stebbins will be Clayton 2.0. 

"Choosing Stebbins would be akin to bringing us back to the start of the regulation by enforcement era," Garlinghouse said. 

As reported by U.Today, Stuart Alderoty, Ripple's top lawyer, also took a dig at Stebbings on Monday. 

Meanwhile, Dan Gallagher, Robinhood's top lawyer, has emerged as the frontrunner to replace Gensler. According to prediction market Kalshi, he has a 61% chance of becoming the next SEC boss. 

About the author

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Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected].

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