Gary Gensler Likely To Lead Treasury Department Under Kamala Harris: Report

A recent report suggests that the US Vice President Kamala Harris is eyeing to appoint Gary Gensler as Treasury Department secretary if she wins the upcoming Presidential election. The report, citing several sources from the US Senate, has further sparked debates in the crypto market, given the SEC Chair Gensler’s stance on crypto. Many in the digital assets space deem the current SEC chair as an anti-crypto regulator.

Kamala Harris May Appoint Gary Gensler To Lead Treasury Department

According to a recent Washington Reporter report, Kamala Harris may appoint the SEC Chair as the Treasury Department secretary. Notably, Gary Gensler’s tenure as SEC chair has been marked by a series of enforcement actions against crypto companies. This series of actions has earned him a reputation as an anti-crypto regulator.

Having said that, many in the crypto space view his possible appointment as Treasury Secretary with concern. According to sources cited by the Washington Reporter, Harris is seriously considering him for the role, despite his controversial standing in the crypto community.

In addition, the report also highlighted warnings from Republican lawmakers, including Representative Tom Emmer, who has expressed strong opposition to Gensler’s potential nomination. Emmer criticized Gensler’s track record, stating that his numerous legal actions against crypto firms have largely been unsuccessful.

He further warned that Gensler’s appointment would be disastrous for the economy. It’s worth noting that Tom Emmer has previously warned over a similar move by the US VP. He even added that Harris may pick anti-crypto Elizabeth Warren as well for the Treasury role.

US Political Stance On Crypto

While Gary Gensler may face unified Republican opposition, he is expected to receive broad support from Democrats. Some key Democratic figures, such as Representatives Elissa Slotkin and Ruben Gallego, who have anti-crypto voting records, could play pivotal roles in his confirmation process. Despite their past support for anti-crypto legislation, their positions on the SEC Chair’s potential nomination remain unclear.

In addition to the possibility of him leading the Treasury under Kamala Harris’s presidency, there are also rumors that he might step down as SEC chair before the November election. The report said that it would allow President Joe Biden to nominate a new chair for the regulatory board.

Commenting on the report, Cardano founder Charles Hoskinson has reiterated his frustration against the Democrats. In a recent X post, Hoskinson said “As I have repeatedly stated, team blue is not Crypto’s friend.”

Meanwhile, this development comes as the Democrats face heavy criticism for not including crypto on their party platform. The 91-page convention brochure highlights key focus areas, notably excluding Bitcoin, blockchain technology, or any other related topics.

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Rupam Roy

Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

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