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.
Arman Shirinyan
Dan Burgin
U.Today Editorial Team
Vladislav Sopov