Bob Stebbins, a former SEC general counsel, is one of the candidates to become the next head of the Securities Exchange Commission (SEC) under the new administration. Stebbins, currently a partner at legal firm Willkie, played a key role in advising on over 85 rules and overseeing more than 2,750 enforcement actions during his tenure.
He also assisted former SEC chair Jay Clayton in assembling his team when he took office in 2017. However, Stebbins’ involvement in signing off on over 80 crypto-related enforcement actions and his reluctance to have ETH declared a non-security has raised concerns among some industry insiders. Crypto researcher ‘Anders’ and former candidate John Deaton, who advised Donald Trump, have both expressed their disapproval of Stebbins as a potential SEC chair.
Deaton argues that Stebbins’ actions have made it harder for the SEC to provide clarity in the crypto space and exemplify the need for a reformer. Ryan Selkis, founder of Messari, also expressed concerns, stating that a securities law maximalist may be chosen as the new SEC chair, which would not be good for the crypto industry.
Selkis emphasized the importance of making the right choice this time to avoid any negative consequences for the industry. There are other potential candidates for the SEC chair position, including Hester Peirce, also known as “crypto mom,” who is the industry’s preferred choice. Other potential candidates include Robinhood CLO and former commissioner Dan Gallagher, Paul Atkins, a member of Trump’s 2016 transition team and former SEC commissioner, SEC commissioner Mark Uyeda, and former CFTC Chairman Heath Tarbert.
Gary Gensler, the current SEC chair, has remained steadfast in his regulation by enforcement policies but has hinted at possibly stepping down soon. Some industry insiders, like the Cedar Innovation Foundation, have called for Gensler to resign immediately, arguing that his continued leadership is tarnishing his credibility and that of the SEC.
The crypto community is watching closely as the new administration selects the next SEC chair, with many hoping for a candidate who will provide better clarity and support for the industry.