According to Washington Reporter, the future of Securities and Exchange Commission (SEC) Chairman Gary Gensler as multiple senior Senate staffers suggest that if Vice President Kamala Harris wins the presidential election in November, she plans to nominate Gensler as her Treasury Secretary. This speculation has been echoed by top Republicans, who have voiced their concerns about this potential move.
Republican Concerns Over Gensler’s Potential Nomination
Rep. Tom Emmer (R., Minn.) recently told the Washington Reporter that Harris’s choice of Gensler—or alternatively, Sen. Elizabeth Warren (D., Mass.)—for Treasury Secretary could spell disaster for the economy. Emmer criticized Gensler’s tenure at the SEC, accusing him of overreaching with numerous lawsuits, many of which he claims have been unsuccessful. According to Emmer, “Gary Gensler needs to move on. His career in government should be over.”
If Harris emerges victorious in the upcoming election, senior Republican Senate staffers anticipate a unified opposition from their party against Gensler’s nomination. However, Gensler is likely to garner strong support from Democrats. Reps. Elissa Slotkin (D., Mich.) and Ruben Gallego (D., Ariz.) are two potential Democratic votes in Gensler’s favor, though both have yet to publicly comment on the matter.
Both Slotkin and Gallego have anti-cryptocurrency voting records but have also received significant campaign contributions from a pro-cryptocurrency group, Fairshake PAC. Their stance on Gensler’s nomination remains unclear, but Republicans are preparing to challenge it vigorously.
Speculation on Gensler’s Future at the SEC
Aside from the potential Treasury nomination, there are also whispers that Gensler might step down from his position as SEC chairman before the November election. This move would allow President Joe Biden to appoint a new chair, potentially setting up a scenario where Gensler remains within the SEC as a commissioner under a new administration.
Katie Biber, Chief Legal Officer at the crypto investment firm Paradigm, speculated that such a “Gensler plan” could be a strategic move to maintain a Democratic majority in the Commission through 2025. This plan, although considered unlikely by some, could force a future President Trump to take drastic measures to remove Gensler if he returns to the White House.
While these rumors remain unconfirmed, they underscore the ongoing political maneuvers surrounding Gensler’s future. Whether he remains at the SEC or is nominated for Treasury Secretary, the coming months will be critical in determining his role in shaping the financial regulatory landscape.
What This Means For Harris & Crypto
Kamala Harris was slowly gaining ground in the elections, with the Polymarket bets completely turning in her favor after reports of her understanding of crypto emerged. Crypto is still at the center of the elections, and the community is closely monitoring every step the candidates take.
If the reports of Harris choosing Gensler have any substance behind them, the odds of Harris winning the elections might drop just that much more. Gary Gensler’s anti-crypto crusade tried to put the crypto industry down on multiple occasions but failed to create the impact they wanted. The SEC’s anti-crypto stance, also led by Gary Gensler, is not much appreciated by the community.
The news of Harris supporting Gensler will strongly work in favor of Donald Trump. What remains to be seen now is how the odds shift post-confirmation of the news.
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Source: https://www.cryptonewsz.com/kamala-harris-elect-gensler-treasury-secretary/