Rumors are circulating that Securities and Trade Fee Chairman Gary Gensler could also be nominated as Treasury Secretary if Vice President Kamala Harris wins the presidential election in November.
In response to the Washington Reporter, speculation is mounting that Gensler may very well be nominated for the Treasury Secretary function if Harris wins the November election. This has vital implications for the crypto neighborhood, as Gensler has beforehand dragged his feet on crypto innovation.
Though Gensler has not indicated any plans to depart his present function, senior Senate staffers and prime Republicans recommend that Harris would possibly faucet him for the Treasury place.
The U.S. Treasury Secretary is liable for overseeing the nation’s financial coverage, managing authorities funds, and regulating monetary establishments, together with these coping with crypto. The function additionally includes combating monetary crimes and representing the U.S. in worldwide monetary issues.
There are additionally rumors Gensler might step down as SEC chairman earlier than the election, permitting President Biden to nominate a successor. Some speculate that Gensler may stay a commissioner, securing a Democratic majority within the SEC if Harris wins.
If Harris does win the presidency, senior Republican Senate workers predict sturdy opposition from Republicans to Gensler’s nomination, though he would probably obtain broad assist from Democrats, in accordance with the Reporter.
Potential affirmation votes for Gensler might come from Reps. Elissa Slotkin and Ruben Gallego, who received financial backing from the pro-crypto Fairshake PAC. Regardless of their anti-cryptocurrency voting data, neither has commented on whether or not they would assist Gensler’s nomination.
Crypto vs. Gensler
Biden-appointed Gensler has vocally expressed skepticism towards crypto regulation. He got here out forcefully against the FIT21 invoice after it was handed within the Home.
The crypto trade principally views Gensler with skepticism and frustration. Many imagine his strict enforcement approach and classifying most crypto property as securities have stifled innovation and created authorized uncertainty.
Excessive-profile figures like Mark Cuban even suggested that Gensler’s crypto-related actions may have broader political penalties, impacting President Biden’s re-election probabilities on the time earlier than he dropped out.
