Crypto News by Profitempire.

Trump Onboards Crypto Leaders, But Ripple Raises Concerns

Just recently, President-elect Donald Trump appointed several individuals with connections to the cryptocurrency industry to take on roles in his administration. The new appointees include Elon Musk and Vivek Ramaswamy, who will lead the Department of Government Efficiency, and Howard Lutnick, CEO of Cantor Fitzgerald, as co-chief of his transition team.

Coinbase CEO Brian Armstrong to Meet with Donald Trump on Crypto Policy

Focusing on the regulatory frame, Brian Armstrong, CEO of Coinbase, is scheduled to meet with President-elect Donald Trump as part of ongoing discussions surrounding the incoming administration’s main appointments as noted by Amit via his X account. The meeting, which is anticipated to focus on roles related to cryptocurrency and financial regulation.

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Armstrong, who has not contributed to Trump’s 2024 campaign or related political committees, previously indicated Coinbase’s willingness to collaborate with the Trump administration. The discussion is reportedly linked to Trump’s proposal to establish a Bitcoin and Crypto Presidential Advisory Council within his first 100 days in office, with potential input from Senator Cynthia Lummis on a national Bitcoin reserve.

Crypto Advocates Feature Prominently in Trump’s Cabinet Selections

President-elect Donald Trump’s early cabinet picks include several figures with strong ties to the cryptocurrency sector. Among them are Robert F. Kennedy Jr., nominated as Secretary of Health and Human Services, and Elon Musk and Vivek Ramaswamy, tapped to lead a proposed Department of Government Efficiency(DOGE). All three have publicly expressed support for blockchain and digital assets

Additionally, Howard Lutnick, CEO of Cantor Fitzgerald and a known Bitcoin proponent, is reportedly under consideration for the position of Treasury Secretary. Lutnick’s firm has handled custody services for Tether and highlighted reserves in U.S. Treasuries, Bitcoin, and gold.

Trump’s Plans for SEC Leadership Signal Potential Shift in Crypto Regulation

The leadership of the Securities and Exchange Commission (SEC) is expected to undergo significant changes under President-elect Donald Trump, who has pledged to replace current Chair Gary Gensler on his first day in office. The cryptocurrency sector has criticized Gensler for his enforcement-heavy regulatory approach.

Coibase CEO Brian Armstrong’s upcoming meeting with Trump reflects the administration’s focus on crafting new policies for digital assets. Additionally, Ripple CEO Brad Garlinghouse and Cardano CEO Charles Hoskinson have reportedly engaged with Trump’s transition team, indicating active discussions with crypto leaders about future regulatory and leadership strategies.

Ripple CEO Raises Concerns Over SEC Candidate Bob Stebbins

Upon his appointment, many have faced criticism with Ripple CEO doubting the perfomance of the SEC candidate in leading the crypto industry that has seen struggles under various leaders. The cryptocurrency industry has recently been in discussion about Bob Stebbins, a former General Counsel for the U.S. Securities and Exchange Commission (SEC), and his potential candidacy for a prominent regulatory role.

Stebbins has drawn criticism from crypto leaders for his past regulatory decisions, which many in the industry argue were detrimental to fostering fairness and innovation. The debate has intensified as Ripple CEO Brad Garlinghouse openly challenged Stebbins’ suitability for any future role within the SEC.

Bob Stebbins’ tenure at the SEC remains a point of contention within the cryptocurrency community, particularly regarding his perceived involvement in drafting the controversial 2018 Ethereum speech. The speech, which classified Ethereum as a non-security, has been criticized by leaders in the industry for allegedly favoring one cryptocurrency while sidelining others.

Garlinghouse’s Public Opposition

Ripple CEO Brad Garlinghouse has taken a firm stance against Stebbins’ potential appointment via his official X account. In a series of social media statements, Garlinghouse described the prospect of Stebbins’ candidacy as “unconscionable,” pointing to what he sees as regulatory inconsistencies under the SEC’s oversight. Garlinghouse specifically highlighted the Ethereum decision as an example of why a new approach to crypto regulation is necessary.

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He has emphasized the need for leaders prioritizing clarity and consistency in the regulatory framework. According to Garlinghouse, such leadership is crucial to address what he describes as a history of enforcement-heavy measures that have created uncertainty in the crypto market.

This criticism emerges as the SEC faces potential leadership changes, with current Chair Gary Gensler reportedly considering stepping down. The crypto industry is closely watching to see if the next SEC leader will adopt a more equitable approach to regulation. Advocates like Garlinghouse have repeatedly called for reform, seeking leadership that focuses on providing clear guidelines instead of pursuing aggressive enforcement actions.

Ripple Officials Voice Concerns Over SEC Candidate Bob Stebbins

Ripple executives and legal experts are raising significant concerns over the possible appointment of Bob Stebbins, former General Counsel of the U.S. Securities and Exchange Commission (SEC), to a critical regulatory role.

Stebbins has been criticized for his past involvement in SEC actions that some argue lacked transparency and fairness, including his alleged ties to decisions that shaped the commission’s enforcement approach toward digital assets. These developments have sparked renewed calls for regulatory reform as the cryptocurrency industry navigates ongoing challenges with U.S. oversight.

Stuart Alderoty Challenges Stebbins’ Track Record

Ripple’s Chief Legal Officer Stuart Alderoty has publicly expressed reservations regarding Stebbins’ candidacy. Alderoty pointed to Stebbins’ association with former SEC Chair Jay Clayton, who initiated the high-profile lawsuit against Ripple in December 2020. According to Alderoty, Stebbins’ history within the SEC raises questions about his ability to lead with the transparency and balance that the digital asset industry seeks.

Alderoty also criticized current SEC Chair Gary Gensler, accusing him of defending enforcement policies initiated during Clayton’s tenure. Ripple’s legal team has long argued that such measures have created uncertainty and hampered innovation in the U.S. cryptocurrency sector.

Pro-XRP Attorney Adds to Criticism

John Deaton, an attorney representing cryptocurrency advocates, joined the chorus of dissent, labeling Stebbins as “Clayton 2.0.” Deaton warned that appointing Stebbins could signal a continuation of what some view as the SEC’s aggressive stance toward digital assets. He noted that Stebbins is the mastermind behind the signing off on every crypto enforcement action.

He further suggested that this approach risks pushing U.S.-based crypto companies to seek more favorable regulatory environments abroad. Deaton also revealed his preferred candidate for the next SEC Chair: Brandi Bondi. He has argued that Bondi’s leadership could bring the regulatory clarity and balance the crypto community has advocated for.