If Kamala Harris wins in the 2024 election, Gary Gensler is anticipated to be her pick for Treasury Secretary.
He oversaw a number of intriguing judicial actions that raised political issues while serving as SEC Chair.
There is rising talk that Gensler may depart from the SEC before the year's upcoming presidential race.
If Kamala wins the 2024 election, there is possibility that she might appoint SEC's Gensler as Treasury Secretary. There is a lot of debate about this idea in the legislative and business communities.
Gensler's Political Apprehensions and SEC Record
Genslerâs time at the SEC has been marked by strong oversight actions in the monetary sector, which have drawn criticism from Republicans. Rep. Tom Emmer (R., Minn.) has spoken out against him, pointing to his frequent judicial battles and noting that many have not been successful. Emmer stated that Gensler "has been bringing lawsuits all over the place â and losing all over the place." This criticism suggests that Genslerâs nomination might face serious resistance.
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Even with expected Republican opposition, Gensler might still receive support from Democrats. Key figures like Reps. Elissa Slotkin (D., Mich.) and Ruben Gallego (D., Ariz.) could be crucial in his confirmation. Both have voted against cryptocurrency in the past, despite receiving backing from the pro-cryptocurrency group Fairshake PAC. Their positions on Genslerâs potential nomination are not yet clear.
Speculation on Genslerâs Future at the SEC
There is also thought that Gensler may leave his role as SEC Chairman before the election. This would allow President Joe Biden to appoint a new chairperson and possibly ensure a Democratic majority on the SEC Commission in 2025. Katie Biber, Chief Legal Officer of Paradigm, a crypto-focused investment firm, suggested that Gensler could move to a commissioner role, allowing Biden to appoint a successor like Caroline Crenshaw, who has been critical of cryptocurrencies.
This move could help maintain Democratic control of the SEC even if a Republican administration takes over after the election. However, a source familiar with SEC matters mentioned that Gensler might only step down if Harris promises him the Treasury Secretary position if she wins. This adds another layer of uncertainty to Genslerâs future.
Implications for Financial Regulation and Digital Assets
Genslerâs possible move to Treasury Secretary and the rumours about his SEC role could have major impacts on financial regulation. The upcoming Benzinga Future of Digital Assets event on Nov. 19 will likely be a key moment to discuss these changes.
The Treasury Secretaryâs role is vital in shaping U.S. budget strategies and managing the nationâs money system. The securities sector is closely watching these moves, considering the potential effects on privacy and the economy.
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