Gary Gensler Could Be Treasury Secretary Under Harris Presidency, Fueling Crypto Industry Worries

• Potential Treasury Secretary Gensler could heighten crypto industry concerns due to his stringent regulatory stance.
• Harris presidency with Gensler in Treasury might lead to increased crypto regulation, depending on Senate control.

Speculation is growing that SEC Chairman Gary Gensler could be nominated as Treasury Secretary if Vice President Kamala Harris secures a victory in the upcoming November presidential election. The Washington Reporter notes that this possibility carries weight for the crypto community, given Gensler’s cautious approach to crypto innovation.

Alexander Grieve, VP of Government Affairs at Paradigm, responded on X platform to claims that Kamala Harris might nominate Gary Gensler as Treasury Secretary if elected. He noted that any nominee would need 51 Senate votes for confirmation, adding that this wouldn’t happen if Republicans hold a Senate majority.

Would note, any nominee needs 51 votes in the Senate for confirmation.

If (but only if) there’s a Republican Senate majority, this can’t happen. https://t.co/tLklo2HOTl

— Alexander Grieve (@AlexanderGrieve) August 19, 2024

However, Gensler hasn’t signaled any intention to leave his current post. Senior Senate insiders and Republicans suggest that Harris might consider him for the Treasury role, which involves overseeing U.S. economic policy, managing government finances, and regulating financial institutions, including those in the crypto sector.

Elissa Slotkin and Ruben Gallego, both backed by the pro-crypto Fairshake PAC, have records of voting against cryptocurrency interests. The crypto industry has generally viewed Gensler’s tenure with frustration, citing his stringent regulatory stance as a hindrance to innovation and a source of legal uncertainty.

Reiterating CNF’s previous update, Gary Gensler and the SEC relented, and Ripple faces a reduced $102 million penalty in the XRP case. At the time of writing, according to CoinMarketCap, Ripple (XRP) is trading at $0.6078 with an increase of 7.27% in the past day and 7.50% in the past week. See the XRP price chart below.

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