A former SEC attorney called for a change in leadership to ease tensions with the crypto industry

Ladan Stewart, a former senior SEC attorney who once led cases against big names like Ripple and Coinbase, is now pushing for major changes at the SEC. Stewart believes a new leader is urgently needed to fix the SEC's rocky relationship with the crypto industry. Speaking to Fox Business, she shared how new leadership is finally opening doors for better collaboration with crypto companies.

Frustration with Gary Gensler's approach

In the year This tension has become an obstacle for crypto companies that want to work with the SEC on regulatory issues.

Many in the industry, including Ripple CEO Brad Garlinghouse, have labeled Gensler's tenure a “reign of terror” as the agency's crackdown on crypto companies makes it difficult to have a meaningful conversation.

This growing tension has created a divide between the SEC and the industry, making it difficult for companies to reach a common agreement with the agency.

Stewart said she was surprised by the resentment toward Gensler in the industry when she moved into the private sector. According to her, without a leadership transition, this ongoing conflict could undermine constructive dialogue between regulators and the industry.

Increasing optimism for change

Stewart is not alone in calling for change. Other former SEC officials, including former executive directors and division heads, have left the agency to work with private law firms representing crypto clients.

Among them are former SEC chairman Jay Clayton and former finance director Bill Hinman, who have taken on advisory roles in the crypto sector to promote policies that encourage industry growth.

Expect change as the US election approaches

With the upcoming US elections, many in the crypto world are hoping that the new SEC leadership can bring a more open attitude to the industry. Stewart said that regardless of the outcome of the election, a new leader can help the SEC and crypto companies find common ground.

She shared that a new approach would allow the two parties to work together more effectively.