Kamala Harris May Reportedly Nominate SEC Chair Gary Gensler As Treasury Secretary If Elected

Although SEC Chairman Gary Gensler has not publicly indicated any plans to leave his current position, there are growing rumors in Washington that Vice President Kamala Harris may nominate him as Treasury Secretary if she wins the upcoming election.

What Happened: Senior Senate staffers have reportedly shared this information with the Washington Reporter, a claim that aligns with what leading Republicans have also stated on the record.

In a prior conversation with the Reporter, Representative Tom Emmer (R-Minn.) expressed concerns over the potential nomination, warning that it could have negative consequences for the U.S. economy.

Emmer was critical of Gensler's performance as SEC Chairman, stating that Gensler has been "bringing lawsuits all over the place — and losing all over the place. That time's past. Gary Gensler needs to move on. His career in government should be over."

Should Harris secure the presidency, Republican Senate staff anticipate a unified effort to oppose Gensler’s potential nomination.

However, he is likely to garner significant support from Democratic lawmakers.

Two representatives, Elissa Slotkin (D-Mich.) and Ruben Gallego (D-Ariz.), who have received substantial backing from a pro-cryptocurrency group called Fairshake PAC, may be pivotal in the confirmation process.

Both Slotkin and Gallego have established records of opposing cryptocurrency in Congress, and their stance on Gensler's nomination remains unclear, as neither responded to requests for comment.

Also Read: How Much Has Donald Trump Made From NFT Sales? It’s More Than You Might Think

Why It Matters: In addition to the possibility of Gensler becoming Treasury Secretary, there are speculations that he may step down from his role as SEC Chairman before the November election.

This would allow President Joe Biden to appoint a new chairperson. Katie Biber, Chief Legal Officer of Paradigm, a crypto-focused investment firm, suggested that Gensler might implement a strategy to ensure a Democratic majority on the SEC Commission in 2025.

Under this plan, Gensler could step back into a commissioner role, allowing Biden to appoint a successor like Caroline Crenshaw, who is known for her critical stance on the crypto industry.

While this scenario, dubbed the "Gensler plan," seems far-fetched, it's not entirely out of the realm of possibility.

A Hill source familiar with SEC affairs mentioned that "the only way I see Gensler agreeing to that is if Harris promised if she wins they'll give him Treasury Secretary."

As these rumors circulate, the upcoming Benzinga Future of Digital Assets event on Nov. 19 could provide a platform for industry leaders and policymakers to discuss the potential implications of these developments on the future of digital assets and the broader financial landscape.

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