Kamala Harris is considering appointing Gary Gensler, the current SEC Chairman known for his stringent stance on crypto regulations, as the next Treasury Secretary if she wins the 2024 election. This move could spark significant backlash, particularly from Republicans.
Representative Tom Emmer from Minnesota, who has been critical of Gensler, has stated that Gensler should "move on" and that his government career should end. Emmer criticized Gensler for being overly litigious without achieving substantial victories.
Republican Senate staffers are prepared to oppose Genslerâs nomination, fearing that his appointment could negatively impact the economy, especially if he brings his regulatory approach from the SEC to the Treasury.
On the Democratic side, there might be some support for Gensler from figures like Elissa Slotkin of Michigan and Ruben Gallego of Arizona. However, their stance on crypto has been generally critical, leaving their support uncertain.
Thereâs also speculation that Gensler might resign from the SEC before the election, allowing Joe Biden to appoint a new chairperson. If Gensler does become Treasury Secretary, it could lead to increased scrutiny and tougher regulations for crypto firms and financial institutions, potentially driving crypto innovation out of the U.S.
