[NEWS] If Harris is elected, SEC Chairman Gensler will be nominated as Secretary of the Treasury

If Kamala Harris is elected as US President, it has been revealed that Chairman Gary Gensler of the US Securities and Exchange Commission (SEC) is likely to nominate him as Secretary of the Treasury (USDT). The Washington Reporter reported this as a scoop.

Chairman Gensler has not expressed his intention to resign from his current position, but several senior Senate officials told the Washington Reporter that Vice President Harris plans to nominate Chairman Gensler as Secretary of the Treasury if she is elected President in November.

Republican officials have also officially confirmed what they told the Reporter.

Rep. Tom Emmer (R-Minn.) previously suggested in an interview with the Reporter that Harris was likely to choose Gensler or Sen. Elizabeth Warren (D-Mass.) for Treasury secretary. He warned that such a move would be devastating to the U.S. economy. Emmer said Gensler "has been suing here and there, losing all of them. But those days are over. Gensler needs to move on. His career in government should be over." If Harris is elected, a senior Republican Senate staffer said he expects "united Republican opposition" to Gensler, but she could expect Democratic support. Two likely voters for Gensler's confirmation are Rep. Elissa Slotkin (D-MI) and Rep. Ruben Gallego (D-AZ), both of whom have received millions of dollars in funding from a cryptocurrency advocacy group called Fair Shake PAC. 

Both Slotkin and Gallego have previously opposed cryptocurrencies in their time in Congress, but have now turned to cryptocurrency supporters. They have not said whether they will vote for Gensler, but it seems that the Republicans are trying to make it difficult for him to win the nomination.

Gensler Plans Possible

In addition to the possibility that Gensler could serve as Treasury Secretary under Harris' administration, it is also possible that he will step down as SEC chairman and President Joe Biden will appoint a new chairman before the November election.

Katie Biber, chief financial officer of cryptocurrency investment firm Paradigm, suggested the possibility of a "Gensler plan" to "ensure Democrats have a majority on the committee in 2025 and have the newly elected President Trump remove him from office."

According to this prediction, Gensler would return to the committee and Biden could appoint a successor like Caroline Crenshaw.

Crenshaw's hostility toward the cryptocurrency industry has been previously reported by the Reporter. 

The Gensler plan is unlikely to come to fruition, but it's not impossible. 

One House source working on SEC issues said, "The only way Gensler would agree to this is if he promises Harris the Treasury secretary position if she wins."

Reference: Washington Reporter
Image: Shutterstock

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