Brad Garlinghouse, Ripple’s CEO, has criticized Robert Stebbins on social media platform, calling Stebbin’s SEC Chair nomination as a step in the wrong direction.
In the statement made on the social media platform, Garlinghouse highlights Stebbins ties to controversial SEC decisions, superficially referring to the role played by him in the Bill Hinman’s “unethical (likely illegal)” favoritism of certain cryptocurrency which mainly included Ethereum.
Stuart Alderoty, also posted about Robert Stebbins on his X platform. Alderoty highlighted Stebbins view that Ethereum is not a security which implies that Stebbins might have contradictory views on classification of security, double standards where the SEC picks the winners and losers within the industry.
Trump’s Crypto Revolution at Risk?
Trump had publicly announced during a campaign that he would fire Gensler on his first day at the office and hence he is on a lookout for his replacement. Now with Robert Stebbins being one of the nominations for the SEC Chair, Garlinghouse argued that choosing Stebbins would betray Trump’s ambition to transform US into the crypto capital of the planet.
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“Stebbins is old guard candidate,” he stated warning that this decision would affect innovation in the crypto industry.
Ripple’s CEO Calls for Fresh Leadership in Crypto Regulations
According to the Ripple CEO, for the crypto industry to flourish, SEC needs a forward-thinking leader, who has not been involved in any of the scandals in the past. “In a group of strong candidates, it’s unconscionable to consider someone directly involved in Bill Hinman’s unethical (likely illegal) push to pick winners and losers in crypto.” he tweeted, rallying crypto community to demand accountability and transparency in the selection process.
The choice for SEC Chair is shaping up to be a critical moment for the future future of US crypto regulation. Garlinghouse’s remarks have added fuel to the debate with investors and crypto community closely watching to see if the government will embrace innovation or cling to outdated and the enforcement approaches.
As Ripple continues its battle with the SEC, Garlinghouse latest comments indicates that the fight for the crypto’s future is far from over.
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Also Read: 10% Bitcoin Reserve Could Evoke Catastrophic Inflation: Analyst
