Gensler as Treasury Secretary? Republicans Warn of ‘Lawsuits

• Rumors that Kamala Harris may nominate Gary Gensler as Treasury Secretary have sparked concern among Republicans and the crypto community.
• Gensler’s potential appointment is particularly troubling for the crypto industry, with some advocates fearing it could signal the end of cryptocurrency growth in the U.S.
• Not all Democrats back Gensler for Treasury Secretary, with some suggesting he might be spreading rumors to create uncertainty.

With the 2024 election approaching, political debates for various positions for a Kamala Harris presidency are anticipated in Washington, D.C. One of the most-discussed scenarios is the appointment of the SEC chair Gary Gensler as the Treasury Secretary, which has raised concerns among Republicans and the crypto industry.

Local reports suggest that the rumors regarding Gensler’s possible nomination are true. Republican Representative Tom Emmer of Minnesota was startled at the idea that Gensler’s leadership threatened to raise legal war. 

Emmer has previously accused Gensler of excessive legal action against various financial entities while at the helm of SEC as their Chair, adding that these have not been very fruitful most of the time. He cautioned that if the same strategy were applied to the Treasury Department, it would be bad for the economy.

Since joining the SEC in 2021, Gensler has earned a reputation as a strict regulator, especially in digital currencies. While some applaud his enforcement actions regarding investor protection, others have criticized him for suppressing innovation. This potential has caused concerns in the crypto industry, and some individuals now argue that his nomination could mean the end of crypto in the U.S.

Crypto Community Reacts and Internal Democratic Response

While there is no certainty that Gensler will be nominated for the post, crypto proponents have quickly opposed him. Ryan Sean Adams, the founder of Bankless and a prominent Ethereum community member, went on Twitter to voice his concerns, stating that Gensler’s position at the Treasury might “end crypto in the U.S.” In addition, Adams criticized the absence of information from Harris’s team regarding her attitude toward cryptocurrency, stating that the lack of public statements only creates more questions.

There are some Democrats who are not in support of Gensler for the Treasury Secretary position. The crypto bank Custodia’s founder, Caitlin Long, also stated that several Democrats contacted her to state that those rumors were untrue. One suggested that Gensler himself might be spreading them as a tool to sow doubt.

Bottom Line

While the rumors continue to swirl, one thing is clear: The prospect of nominating Gary Gensler as Treasury Secretary is highly partisan and may touch on sensitive aspects of the United States economy, especially in the financial industry and, mainly, dealing with cryptocurrencies. Whether such speculations will come to fruition as the election nears and Harris and her team start delivering on the plans remains to be seen.

Personal Note From MEXC Team

Check out our MEXC trading page and find out what we have to offer! There are also a ton of interesting articles to get you up to speed with the crypto world. Lastly, join our MEXC Creators project and share your opinion about everything crypto! Happy trading! Learn about interoperability now!