Emmer warns of “financial disaster” if Harris picks Gensler or Warren for Treasury

There are growing rumors in Washington that Vice President Kamala Harris could nominate SEC Chairman Gary Gensler as Treasury Secretary if she wins the November election.

Those rumors corroborate what top Republicans have also told the Washington Reporter on the record that it reported on August 19.

Speaking on the network, Minnesota Rep. Tom Emmer previously warned that Harris could choose Gensler or, worse, Sen. Elizabeth Warren to serve as Treasury secretary.

Such a move “would be a disaster for the economy,” he said.

“lawsuits everywhere” – Rep. Emmer on what life would be like under Treasury Secretary Gensler. He also believes Warren could be elected as well. He appears to be the source of the rumor… via Washington Reporter https://t.co/vUvhFzkKo2 pic.twitter.com/nTL0GeviAc

— Eric Balchunas (@EricBalchunas) August 19, 2024

An Anti-Crypto Treasury Secretary

The anti-CBDC and pro-crypto congressman said Gensler “has been filing lawsuits everywhere and losing everywhere” before adding:

“That time has already passed. Gary Gensler needs to move on. His career in government should end.”

If Harris wins over Trump, senior Republican Senate staff expect “unified Republican opposition” to Gensler, but he is likely to have broad Democratic support, the report added.

The political rumors don’t stop there. There are also some who claim that Gensler may step down as SEC chairman. That would allow the Biden administration to name a new president before the November election.

One possible replacement is SEC Commissioner Caroline Crenshaw, who is also pro-banking and anti-crypto.

In January, he voted against spot Bitcoin ETFs, claiming that the underlying markets were “marred by fraud and manipulation” and arguing that it is “well documented that many criminals use Bitcoin to evade US financial sanctions.”

End of crypto in the US?

In a post on X on August 20, Ethereum lawyer Ryan Sean Adams and founder of Bankless said:

“If true, this would basically end crypto in the US and we might as well flee the country now.”

He added that since we don’t have anything from Kamala Harris telling us she wouldn’t nominate Gensler, “we can’t completely rule it out.”

“There’s been ample opportunity to extend an olive branch to crypto… nothing has come of it.”

The Democratic National Committee released its 2024 Party Platform on Sunday, a document detailing Democrats’ future policy priorities heading into the next election, and it made no mention of crypto.

Cryptobank Custodia founder Caitlin Long said several Democrats have contacted her to say the “Gensler as Treasury Secretary” rumor is false.

“One believes the source of the rumor is Gensler himself (think he planted it just to mess with us all…that sounds good, TBH),” he added.

DONALD TRUMP:
– I will fire Gary Gensler on the 1st

KAMALA HARRIS:
I will make Gary Gensler Secretary of the Treasury

Difficult choice… 🤔 pic.twitter.com/I0g7o4QBaP

— Bitcoin Archive (@BTC_Archive) August 19, 2024

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