Kamala Harris May Reportedly Nominate SEC Chair Gary Gensler As Treasury Secretary If Elected
Rumors are growing that Vice President Kamala Harris may nominate SEC Chairman Gary Gensler as Treasury Secretary if she wins the upcoming election. This speculation has caused quite a stir within both political and financial circles, particularly among those involved in the cryptocurrency industry. The potential nomination of Gensler, who has been known for his stringent regulatory stance on digital assets, could have far-reaching implications for the future of financial regulation in the United States. As the current Chairperson of the U.S. Securities and Exchange Commission, Gensler has a significant influence on the crypto market, often drawing criticism for his approach.
Senior Senate staffers have reportedly shared this information with a Washington reporter, suggesting that the rumors have some basis in reality. This claim aligns with statements made by leading Republicans on the record, further fueling the speculation. Representative Tom Emmer, for instance, has expressed concerns over Gensler’s potential nomination, stating that it could have negative consequences for the U.S. economy. Emmer criticized Gensler’s performance as SEC Chairman, accusing him of ‘bringing lawsuits all over the place,’ which he believes stifles innovation and growth in the financial sector.
Republican Senate staff anticipate a unified effort to oppose Gensler’s nomination if Harris secures the presidency. This opposition is likely to be fierce, given the contentious relationship between Gensler and many Republican lawmakers. However, Gensler is expected to receive significant support from Democratic lawmakers, who generally favor more robust regulatory oversight of financial markets. Representatives Elissa Slotkin and Ruben Gallego, who have received backing from a pro-cryptocurrency group, may be pivotal in the confirmation process. Their stance on Gensler’s nomination remains unclear as they have not responded to requests for comment.
There are speculations that Gensler may step down from his role as SEC Chairman before the November election. This move would allow President Joe Biden to appoint a new chairperson, potentially one who shares Gensler’s regulatory philosophy but is less polarizing. Some suggest that Gensler may implement a strategy to ensure a Democratic majority on the SEC commission in 2025. Under this plan, known as the ‘Gensler plan,’ he could step back into a commissioner role, allowing Biden to appoint a successor known for their critical stance on the crypto industry. This scenario is not out of the realm of possibility and highlights the complex political maneuvering that could shape future financial regulation in the U.S.
A source familiar with SEC affairs mentions that Gensler may only agree to this plan if Harris promises to give him the Treasury Secretary position if she wins. These rumors coincide with the upcoming Benzinga Future of Digital Assets event on November 19th. This event will serve as a platform for industry leaders and policymakers to discuss the potential implications of these developments. Members can trade confidently with insights and alerts from analyst ratings, free reports, and breaking news that affects the stocks they care about. The possibility of Gensler becoming Treasury Secretary or stepping down from his current role could have a significant impact on the future of digital assets and the broader financial landscape.
Custodia Bank’s CEO Caitlyn Long has denied the rumors of Vice President Kamala Harris considering nominating SEC chair Gary Gensler as Treasury Secretary. The speculation was based on claims made by a Washington reporter citing multiple senior Senate staffers. Some industry insiders believe the rumors to be unfounded and unlikely to go through. Long stated that multiple Democrats had reached out to say the rumors were false, with one speculating that Gensler may have planted them himself. Discussions have reportedly been ongoing, and the possibility of Gensler’s nomination is gaining traction despite the denials.
The nomination is likely to face unified Republican opposition and may only be supported by some Democrats. Representatives Elissa Slotkin and Ruben Gallego have shown support for Gensler, with both being backed by the pro-crypto PAC Fairshake PAC. Republicans have criticized the potential nomination, calling it a betrayal of their alliance with the crypto industry. Gensler may only agree to step down as SEC chairman if Harris guarantees him the Treasury Secretary position in her administration. This highlights the complex political maneuvering that could shape future financial regulation in the U.S.
There is speculation that Gensler may step down as SEC chairman ahead of the November election, potentially allowing President Joe Biden to nominate a new chair. Katie Biber, Chief Legal Officer of crypto investment firm Paradigm, mentioned a possible ‘Gensler plan’ where he would step down as chairman but remain on the SEC as a commissioner. This could ensure a Democratic majority on the commission until 2025, regardless of who wins the presidency. Under this scenario, Biden could appoint a successor like SEC Commissioner Caroline Crenshaw, known for her strong stance against the crypto industry.
The report comes after the Democratic Party published their campaign platform, which notably does not mention Bitcoin, crypto, or blockchain. Despite the recent launch of ‘Crypto4Harris,’ Harris has not publicly expressed her intentions towards the crypto industry. This has disappointed some in the industry and solidified the beliefs of skeptics who view the Democratic Party as hostile towards crypto. Bankless co-founder Ryan Sean Adams called the lack of a mention in the platform a ‘spit in the face.’ Senator Bill Hagerty criticized the Democrats for paying ‘campaign-season lip service’ to crypto while maintaining their hostility towards it.
Speculation is growing that Gary Gensler, chairman of the Securities and Exchange Commission (SEC), may be nominated as Treasury Secretary if Kamala Harris wins the presidential election in November. According to a Washington reporter, there are rumors that Gensler could be tapped for the Treasury Secretary position if Harris wins. This potential nomination has significant implications for the crypto community, as Gensler has been known for his reluctance to embrace crypto innovation in the past. While Gensler has not announced any plans to leave his current role, there are many indications that Harris may consider him for the Treasury position, according to senior Senate staffers and top Republicans.
The Treasury Secretary is responsible for overseeing economic policy, managing government finances, and regulating financial institutions, including those involved in cryptocurrencies. The role also involves fighting financial crimes and representing the U.S. in international financial matters. Any nominee for the position requires 51 votes in the Senate for confirmation. However, if there is a Republican majority in the Senate, a nomination from Harris would not be possible. There are also rumors that Gensler may step down as SEC chairman before the election, which would allow President Biden to appoint a successor. Some believe that Gensler could potentially remain as a commissioner and secure a Democratic majority in the SEC if Harris wins.
If Harris does become President, there is predicted to be strong opposition from Republicans to Gensler’s nomination, even though he would likely have broad support from Democrats. Representatives Elissa Slotkin and Ruben Gallego, who have received funding from a pro-crypto PAC, could potentially provide confirmation votes for Gensler. Despite their past anti-cryptocurrency voting records, neither have commented on whether they would support Gensler’s nomination. Gensler, if appointed by Biden, has a history of expressing skepticism towards cryptocurrency regulation. He heavily opposed the FIT21 bill after it was passed in the House of Representatives.
The crypto industry generally views Gensler with frustration and skepticism due to his strict enforcement approach and classification of most crypto assets as securities. Some, such as Mark Cuban, have even suggested that Gensler’s actions in regards to crypto could have wider political consequences and impact Biden’s re-election chances. The website using this article’s content also uses cookies and similar technologies, with users consenting to their use. More information on how cookies are used can be found in the site’s cookie policy. Overall, the potential nomination of Gary Gensler as Treasury Secretary has sparked conversation and speculation among both the political and crypto communities.
A report has claimed that Kamala Harris may nominate SEC chair Gary Gensler as Treasury Secretary if she is elected President. This report was published by Washington Reporter and has caused concern among the crypto community. However, some Democrats have refuted these rumors and claim they are false. There are concerns about the potential impact of Gensler’s nomination on the crypto industry due to the SEC’s strict regulations under his leadership. Some members of the crypto community have even suggested that this nomination could end crypto in the U.S.
Nevada Senate candidate Sam Brown has criticized Harris for her potential nomination of Gensler and described her as anti-crypto. The Democratic party’s lack of mention of crypto in their latest platform has also been a point of criticism. In comparison, the GOP platform has a section dedicated to crypto, AI, and space. Some speculated that Harris would work to repair the differences between the crypto industry and the Biden administration, but this omission suggests otherwise. A possible reason for this could be that the Democrat platform was written before Biden became the main candidate. The Democratic National Convention began today and has caused Harris to overtake Trump on Polymarket odds. Polymarket odds currently show a tie between Harris and Trump.