Harris would pick Gary Gensler as treasury secretary: report

Rumors are circulating that Securities and Exchange Commission Chairman Gary Gensler could be nominated to be Treasury Secretary if Vice President Kamala Harris wins the November presidential election.

According to the Washington Reporter, speculation is growing that Gensler could be tapped to be Treasury Secretary if Harris wins the November election. This has significant ramifications for the crypto community, as Gensler has previously balked at crypto innovation.

While Gensler has no plans to leave his current role, senior Senate staffers and top Republicans have suggested Harris could tap him for the Treasury Secretary post.

The U.S. Treasury Secretary is responsible for overseeing the nation’s economic policy, managing government finances, and regulating financial institutions, including those dealing in cryptocurrencies. This role also includes combating financial crime and representing the U.S. on international financial matters.

We would like to point out that any nominee must receive 51 votes in the Senate to be confirmed.

If (but only if) there is a Republican majority in the Senate, this cannot happen. https://t.co/tLklo2HOTl

— Alexander Grieve (@AlexanderGrieve) August 19, 2024

There are also rumors that Gensler could step down as SEC chairman before the election and allow President Biden to appoint a successor. Some have speculated that if Harris wins, Gensler could remain as commissioner, giving the SEC a Democratic majority.

If Harris wins the presidency, senior Senate Republican staff predict Gensler’s nomination will face strong opposition from Republicans, but is also likely to garner strong support from Democrats, the reporter said.

Possible confirmation votes for Gensler could come from Reps. Elissa Slotkin and Ruben Gallego, who receive financial backing from the pro-crypto Fairshake PAC. Despite their anti-crypto voting records, neither has commented on whether they would support Gensler’s candidacy.

Crypto vs. Gensler

Gensler, who was appointed by Biden, has been outspoken about his skepticism of crypto regulation and came out strongly against the FIT21 bill after it was passed in the House of Representatives.

The crypto industry is often skeptical and disappointed in Gensler, with many believing his strict enforcement approach and classification of most crypto assets as securities has stifled innovation and created legal uncertainty.

Public figures like Mark Cuban have suggested that Gensler’s actions regarding crypto could have broader political ramifications and impact President Biden’s chances of winning reelection before he steps down as a candidate.