Former SEC Chair John Reed Stark has predicted a significant rise in cryptocurrency crime following upcoming leadership changes at the agency.
Forecast by Former SEC Chair
John Reed Stark, a known critic of the cryptocurrency industry, recently stated that the agency's efforts to regulate through enforcement actions are essentially over. He expects the agency to drop all non-fraud crypto cases, including lawsuits against Binance and Coinbase.
Potential New Chair Candidates
It has been reported that several contenders have emerged to replace Gary Gensler. These include Paul Atkins, CEO of Patomak Global Partners, Daniel Gallagher, chief legal officer at Robinhood, Brad Bondi of Paul Hastings, and Bob Stebbins, partner at Willkie Farr & Gallagher.
Opinion on Crypto Industry Influence
According to Stark, the cryptocurrency industry is unlikely to allow Stebbins to head the SEC. Notably, Stebbins, a former general counsel at the agency, signed off the Ripple lawsuit under former Chair Jay Clayton. Overall, the agency approved roughly 80 enforcement actions on Clayton's watch.
While there is intense speculation regarding the next SEC Chair pick, it remains unclear when Gensler is going to resign. However, his recent remarks hinted that such an announcement could be imminent, already fueling XRP price surges.
