Why Pro-XRP Lawyer Warns Against His Appointment as SEC Chair
There are some big names in the race to be the next SEC chairman, including Brian Brooks, Paul Atkins and Dan Gallagher. However, there is a name, Attorney John Deaton Thought should not be considered: Bob Stebbins.
Deaton said Bob Stebbins served in the Office of General Counsel under SEC Chairman Jay Clayton. His responsibilities include signing off on enforcement actions, including more than 80 cryptocurrency-related cases.
Among them, Stebbins approved the controversial Ripple lawsuit, despite experts warning that it would cause harm to innocent investors. Furthermore, Ethereum has received different treatment than XRP, which raises questions about fairness and bias.
Stebbins’ role in the Ripple case and cryptocurrency regulation
Stebbins is deeply involved in the Ripple case as well as the SEC’s broader cryptocurrency policy. He signed on to the Ripple case while many of his colleagues, including the director of enforcement and other senior SEC officials, left. This massive exodus has raised concerns about the SEC’s handling of cryptocurrency regulation and enforcement.
Conflicts of Interest and Hinman Email
Stebbins is also associated with the controversy surrounding former SEC official Bill Hinman’s 2018 speech in which he declared that Ethereum was not a security. The SEC worked to keep Hinman’s emails secret, but it’s now clear that Stebbins was aware of the conflicts. The speech, which gave Ethereum a free pass, was heavily criticized, especially because of Hinman’s financial ties to Ethereum’s backers.
Stebbins’ influence on Ethereum decisions
What makes Stebbins’ involvement even more troubling is his office’s comments about Hinman’s speech. While Stebbings did not argue that Ethereum is a security, he objected to its inclusion in the speech because it could limit the SEC’s ability to change its stance in the future.
