Gary Gensler Could Become Secretary of Treasury If Kamala Harris Wins The Election

Gary Gensler, the current head of the U.S. Securities and Exchange Commission (SEC) known for his critical stance on cryptocurrencies, could become Treasury secretary if Vice President Kamala Harris wins the upcoming presidential election, according to a report by the Washington Reporter on Monday.

The report claims, based on information from unnamed senior Senate officials, that Harris intends to nominate Gensler for the role of Treasury secretary if she secures the presidency.

Appointed chairman of the Securities and Exchange Commission in 2021 by President Joe Biden, Gensler has become a controversial figure in the crypto community.

Gensler’s strict approach to crypto regulation has drawn criticism from both sides of the political spectrum. Republican Representative Tom Emmer of Minnesota accused Gensler of trying to stifle free markets, innovation and global competitiveness. 

Meanwhile, Democratic Representative Richie Torres of New York described Gensler’s interpretation of securities laws as “flexible and subject to manipulation.”

Gensler previously served as chairman of the U.S. Commodity Futures Trading Commission during the Obama administration and played a key role as a senior adviser to Senator Paul Sarbanes in drafting the Sarbanes-Oxley Act. 

His tenure as chairman of the Securities and Exchange Commission is scheduled to end in 2026, but his future in that position could be affected by the outcome of the next presidential election, particularly if former President Donald Trump, who recently announced his support for cryptocurrencies, is re-elected.

The announcement has been accompanied by some skepticism, with Caitlin Long, CEO of Avanti Bank and a prominent figure in Wyoming’s blockchain sector, suggesting on Platform X that Gensler himself may have spread the rumor to spark comments.

OK, multiple Dems contacted me to say the “Gensler as Treasury Secretary” rumor is false. One thinks the source of the rumor is Gensler himself — (thinks he planted it just to mess with all of us…that sounds about right TBH) https://t.co/nTRwq1Gafu

— Caitlin Long (@CaitlinLong_) August 19, 2024

There is reportedly speculation that SEC Commissioner Carolyn Crenshaw could succeed Gensler if he leaves the SEC and also mentions Massachusetts Senator Elizabeth Warren as another possible candidate for the Treasury post.