According to BlockBeats, on August 21, Washington Reporter quoted sources as saying that although SEC Chairman Gary Gensler has not expressed his intention to resign, several senior Senate staff said that if Kamala Harris wins the November election, she plans to nominate Gensler as Treasury Secretary.

Additionally, there have been rumors that Gensler may resign as SEC chairman to allow President Joe Biden to nominate a new SEC chairman before the November election.

CoinDesk features editor Ben Schiller said the Washington Reporter was started by Republican activists and spreading the rumor could discourage cryptocurrency supporters from voting Democratic.