Rumors are circulating that Securities and Exchange Commission Chairman Gary Gensler may be nominated as Treasury Secretary if Vice President Kamala Harris wins the presidential election in November.
According to the Washington Reporter, speculation is mounting that Gensler could be nominated for the Treasury Secretary role if Harris wins the November election. This has significant implications for the crypto community, as Gensler has previously dragged his feet on crypto innovation.
Although Gensler has not indicated any plans to leave his current role, senior Senate staffers and top Republicans suggest that Harris might tap him for the Treasury position.
The U.S. Treasury Secretary is responsible for overseeing the nation’s economic policy, managing government finances, and regulating financial institutions, including those dealing with crypto. The role also involves combating financial crimes and representing the U.S. in international financial matters.
Would note, any nominee needs 51 votes in the Senate for confirmation. If (but only if) there’s a Republican Senate majority, this can’t happen. https://t.co/tLklo2HOTl
— Alexander Grieve (@AlexanderGrieve) August 19, 2024
There are also rumors Gensler may step down as SEC chairman before the election, allowing President Biden to appoint a successor. Some speculate that Gensler could remain a commissioner, securing a Democratic majority in the SEC if Harris wins.
If Harris does win the presidency, senior Republican Senate staff predict strong opposition from Republicans to Gensler’s nomination, although he would likely receive broad support from Democrats, according to the Reporter.
Potential confirmation votes for Gensler may come from Reps. Elissa Slotkin and Ruben Gallego, who received financial backing from the pro-crypto Fairshake PAC. Despite their anti-cryptocurrency voting records, neither has commented on whether they would support Gensler’s nomination.
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Crypto vs. Gensler
Biden-appointed Gensler has vocally expressed skepticism toward crypto regulation. He came out forcefully against the FIT21 bill after it was passed in the House.
The crypto industry mostly views Gensler with skepticism and frustration. Many believe his strict enforcement approach and classifying most crypto assets as securities have stifled innovation and created legal uncertainty.
High-profile figures like Mark Cuban even suggested that Gensler’s crypto-related actions could have broader political consequences, impacting President Biden’s re-election chances at the time before he dropped out.
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