Ladan Stewart, a former top SEC lawyer who once led cases against big names like Ripple and Coinbase, is now pushing for a major change at the SEC. Stewart believes a new leader is urgently needed to fix the SEC’s rocky relationship with the crypto industry. Speaking with Fox Business, she shared how new leadership could finally open doors for better cooperation with crypto companies.
Frustration with Gary Gensler’s Approach
Since Gary Gensler became SEC Chair in 2021, the agency has fought numerous enforcement actions, sparking frustration among crypto leaders who see Gensler as obstructing their efforts. This tension has become a barrier for crypto companies seeking to work with the SEC on regulatory matters.
Many in the industry, Ripple CEO Brad Garlinghouse even labeled Gensler’s tenure a “reign of terror,” saying the agency’s actions against crypto firms make it difficult to engage in meaningful dialogue.
This growing tension has created a divide between the SEC and the industry, making it hard for companies to find common ground with the agency.
Stewart shared that upon moving to the private sector, she was struck by the resentment within the industry toward Gensler. According to her, without a shift in leadership, this ongoing conflict could continue to harm the potential for constructive discussions between regulators and the industry.
Rising Optimism for Change
Stewart isn’t alone in calling for change. Other former SEC officials, including ex-enforcement directors and unit heads, have left the agency to work with private law firms that represent crypto clients.
Among them are former SEC Chair Jay Clayton and former finance director Bill Hinman, who have taken advisory roles in the crypto sector to promote policies that encourage industry growth.
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Hope for Change as U.S. Elections Approach
With the upcoming U.S. elections, many in the crypto world are hopeful that new SEC leadership could bring a more open attitude toward the industry. Stewart is optimistic that, no matter the election outcome, a new leader could help the SEC and crypto companies find common ground.
She shared that a fresh approach could allow the two sides to work together more effectively.
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