Rumors are circulating that Securities and Alternate Fee Chairman Gary Gensler could also be nominated as Treasury Secretary if Vice President Kamala Harris wins the presidential election in November.
In line with the Washington Reporter, hypothesis is mounting that Gensler could possibly be nominated for the Treasury Secretary position if Harris wins the November election. This has vital implications for the crypto group, as Gensler has beforehand dragged his ft on crypto innovation.
Though Gensler has not indicated any plans to depart his present position, senior Senate staffers and prime Republicans recommend that Harris may faucet him for the Treasury place.
The U.S. Treasury Secretary is answerable for overseeing the nation’s financial coverage, managing authorities funds, and regulating monetary establishments, together with these coping with crypto. The position additionally entails 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 might 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, based on the Reporter.
Potential affirmation votes for Gensler might come from Reps. Elissa Slotkin and Ruben Gallego, who acquired monetary 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 in opposition to the FIT21 invoice after it was handed within the Home.
The crypto business largely views Gensler with skepticism and frustration. Many consider his strict enforcement strategy and classifying most crypto property as securities have stifled innovation and created authorized uncertainty.
Excessive-profile figures like Mark Cuban even recommended that Gensler’s crypto-related actions might have broader political penalties, impacting President Biden’s re-election possibilities on the time earlier than he dropped out.