Kamala Harris wants SEC Chair Gary Gensler as Treasury Secretary.
If Kamala Harris wins the 2024 election, she plans to choose Gary Gensler as the next Treasury Secretary. The same Gary Gensler who was SEC Chairman and made crypto businesses feel like they were walking on eggshells.
According to several top Senate officials, Kamala is serious about this, and Republicans will freak out.
Republicans are not here for it.
Representative Tom Emmer of Minnesota, who has made it known that he is not Gensler’s biggest fan, had Some choice words. He simply said, “Gary Gensler should go on. His time in government should be over.Emmer said that Gensler has been filing cases like confetti at a parade but hasn’t won any of them Other Republican Senate staffers are prepared to battle if Kamala actually mentions Gensler’s name. They’re talking about banding together to stop this nomination.
Why? Because they believe Gensler’s selection will have an impact on the economy, particularly if he brings his present outlook to the Treasury.
Democrats might support him… maybe.
There are a few Democrats who might support him. People like Elissa Slotkin of Michigan and Ruben Gallego of Arizona.
These individuals have some intriguing ties to the cryptocurrency business, thanks to sponsorship from organisations like as Fairshake PAC. However, both have been vocally opposed to cryptocurrency in Congress. So it is unclear whether they will endorse Gensler.
Meanwhile, rumours circulate that Gensler may pull a fast one before the election even occurs. Some believe he may stand down from the SEC, allowing Joe Biden to pick a new chairwoman.
Joe Biden
If he takes over the Treasury, cryptocurrency firms may face even more scrutiny. That’s not all; there might be a knock-on effect, with other financial firms facing stricter requirements as well.
The confusion over what constitutes a secure and what does not may persist, making it even more difficult for crypto firms to function effectively.
They could start seeking for friendlier places to set up shop, placing the United States behind in terms of crypto innovation leadership.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source : Cryptopolitan