Unconfirmed reports have surfaced that Vice President Kamala Harris could name SEC Chairman Gary Gensler as Treasury Secretary if she wins the November presidential election. The sources cited are senior Senate staffers and Republican sources.
According to an initial report from the Washington Reporter, several senior Senate staffers have said that Kamala Harris is considering Gensler for the Treasury position in a prospective administration. This is consistent with past warnings from prominent Republicans, notably Rep. Tom Emmer (R., Minn.), who advised against such a move.
Tom Emmer, a Minnesota representative, previously cautioned that Kamala Harris could choose Gensler or, in a worst-case scenario, Senator Elizabeth Warren to serve as her Treasury Secretary. Such a move “would be a disaster for the economy,” he said.
He’s been bringing lawsuits all over the place — and losing all over the place. That time’s past. Gary Gensler needs to move on. His career in government should be over.
Rep Emmer
Gary Gensler’s prospective candidacy as Treasury Secretary under a Kamala Harris government might have a big impact on crypto regulation, given his history of strict oversight at the SEC. His nomination could result in more restrictive policies and enforcement measures against crypto entities, potentially changing the regulatory landscape.
Kamala’s pick for SEC Chair will get her in trouble
If Kamala Harris defeats Trump, senior Republican Senate staff foresee “unified Republican opposition” to Gensler, but he will most likely have overwhelming Democratic backing, according to the source.
In effect, the crypto industry may face higher scrutiny and compliance requirements, which may impede innovation and expansion in the sector but may also lead to greater mainstream adoption if, and maybe only if, clearer regulations are developed.
The political rumors do not end there. There are also reports that Gensler may step down as SEC Chairman. This would allow the Biden administration to appoint a new chair before the November election.
The Democratic National Committee released its 2024 Party Platform on Sunday. This document outlining the Democrats’ future political aspirations ahead of the next election made no mention of crypto.
The United States Treasury Secretary oversees the country’s economic policy, manages government money, and regulates financial institutions, particularly those dealing with crypto. The position also includes combating financial crimes and representing the United States in international financial affairs.
Biden-appointed Gensler has indicated strong opposition to crypto regulation. He spoke out strongly against the FIT21 bill once the House enacted it.
High-profile personalities such as Mark Cuban even indicated that Gensler’s crypto-related actions could have far-reaching political ramifications, threatening President Biden’s re-election chances at the time he dropped out. Now Kamala Harris has filled those shoes.
