Kamala Harris is thinking about making Gary Gensler the next Treasury Secretary if she wins the 2024 election. The same Gary Gensler who’s been SEC Chairman and has had crypto firms feeling like they’re walking on eggshells.
Word on the street, according to some senior Senate staffers, is that Kamala is pretty serious about this, and you can bet your bottom dollar Republicans will lose their minds.
Republicans are not here for this
Representative Tom Emmer from Minnesota, a guy who’s made it pretty clear he’s not Gensler’s biggest fan, had some choice words. He straight-up said,
“Gary Gensler needs to move on. His career in government should be over.”
Emmer added that Gensler’s been throwing lawsuits around like confetti at a parade but isn’t really winning any of them.
Other Republican Senate staffers are prepared for a fight if Kamala actually puts Gensler’s name out there. They’re talking about coming together to block this nomination.
Why? Because they believe Gensler’s appointment could mess with the economy, especially if he brings his current vibes over to the Treasury.
Democrats might back him… maybe
There are a few Democrats who might have his back. People like Elissa Slotkin from Michigan and Ruben Gallego from Arizona.
These folks have some interesting ties to the crypto industry, thanks to support from groups like Fairshake PAC. But they’ve both been pretty anti-crypto in Congress. So, whether they’ll support Gensler is still up in the air.
Meanwhile, the rumor mill is buzzing that Gensler could pull a fast one before the election even happens. Some think he might step down from the SEC, letting Joe Biden appoint a new chairperson.
If he takes the reins at the Treasury, it could mean even more scrutiny for crypto firms. And that’s not all—there could be a ripple effect where other financial institutions get hit with tougher regulations, too.
The uncertainty around what’s a security and what’s not could drag on, making it even harder for crypto companies to operate smoothly.
They could start looking for friendlier places to set up shop, leaving the U.S. in the dust when it comes to leading the charge in crypto innovation.
