Rumors are circulating in Washington that if Vice President Kamala Harris wins the election in November, she may nominate SEC Chair Gary Gensler as Treasury Secretary. These rumors align with what top Republicans have disclosed to the Washington Reporter, as reported on Aug. 19. Minnesota representative Tom Emmer has previously cautioned that Harris might choose Gensler or even Senator Elizabeth Warren for the Treasury Secretary role, a decision he believes would be disastrous for the economy.
An Anti-Crypto Treasury Secretary
The anti-CBDC and pro-crypto Congressman stated that Gensler has been involved in numerous lawsuits, which he has been losing, adding, “That time’s past. Gary Gensler needs to move on. His career in government should be over.” If Harris wins, senior Republican Senate staff anticipate “unified Republican opposition” to Gensler, though he will likely receive broad Democratic support, the report mentioned. Additionally, there are speculations that Gensler may step down as SEC chairman, allowing the Biden administration to nominate a new chair before the November election. A potential replacement could be SEC commissioner Caroline Crenshaw, who is also pro-banking and anti-crypto. In January, she voted against spot Bitcoin ETFs, citing that the underlying markets were “marred by fraud and manipulation” and arguing that many criminals use Bitcoin to evade US financial sanctions.
End of Crypto in The US?
In a post on X on Aug. 20, Ethereum advocate and Bankless founder Ryan Sean Adams stated, “If true, this would basically END crypto in the U.S. and we might as well flee the country now.” He added that since there has been no statement from Kamala Harris ruling out Gensler’s nomination, “we can’t entirely rule it out.” Adams also pointed out that there has been no effort to extend an olive branch to the crypto community. The Democratic National Committee published its 2024 Party Platform on Sunday, which outlines the Democrats’ future political priorities but does not mention crypto. Caitlin Long, founder of crypto bank Custodia, mentioned that multiple Democrats have contacted her to assert that the “Gensler as Treasury Secretary” rumor is false and speculated that Gensler himself might have started the rumor.
DONALD TRUMP:
– I will fire Gary Gensler on Day 1
KAMALA HARRIS:
I will make Gary Gensler Treasury Secretary
Tough choice… 🤔 pic.twitter.com/I0g7o4QBaP
— Bitcoin Archive (@BTC_Archive) August 19, 2024
