Kamala Harris is considering appointing Gary Gensler as the next Treasury Secretary if she wins the 2024 election. This is the same Gary Gensler who currently leads the United States Securities And Exchange Commission (SEC) and has caused significant unease among crypto firms. A Divisive Decision According to some senior Senate staffers, Kamala is serious about this move, and Republicans are expected to react strongly against it. Minnesota representative Tom Emmer, a known critic of Gensler, has made his stance clear by stating that Gary needs to move on, and that his career in government should be over. Emmer also criticized Gensler for frequently initiating lawsuits without achieving many victories. Republican Senate staffers are gearing up to resist Gensler and his potential nomination, believing it could negatively impact the economy, especially if his current regulatory approach continues at the Treasury. On the Democratic side, there might be some support for Gensler. Figures like Elissa Slotkin and Ruben Gallego, who have connections to the crypto industry through backing via groups like Fairshake PAC, could potentially endorse him. However, both have been quite critical of crypto policies in Congress, leaving their support uncertain. The Uncertainty Continues There is also speculation that Gensler might step down before the upcoming presidential election , allowing Joe Biden to select a new SEC chair. If Gensler does take up the Treasury position, it could lead to increased scrutiny for crypto firms and potentially tougher regulations for other financial institutions. This uncertainty regarding securities could make it challenging for crypto companies to operate effectively, possibly prompting them to seek more favorable environments abroad, which could impact the leadership of the United States in terms of crypto innovation.
