What A Potential Gensler Appointment As Treasury Secretary Could Mean For Crypto Prices

Data analytics provider Santiment has highlighted how a potential appointment of SEC Chair Gary Gensler as Treasury Secretary under a Kamala Harris administration could cause a stir in the crypto community.

What Happened: Santiment Community Insights revealed a strong reaction from the crypto community to the possibility of Gensler's appointment. His stringent regulation of cryptocurrencies, such as the extended wait for spot Bitcoin BTC/USD ETFs and lawsuits against major crypto companies like Ripple XRP/USD and Coinbase COIN, has frequently sent bearish tremors through the crypto world.

Under Gensler’s stewardship, the SEC has been criticized for fostering a climate of regulatory ambiguity, leading to delays and reluctance from companies to innovate or initiate new U.S. projects. Santiment’s Social Trends has identified a correlation between mentions of “Gensler” on social media and local Bitcoin price peaks throughout 2024.

Despite the doubts surrounding the authenticity of the news, it has unsettled the crypto community. There is widespread concern that if Gensler is appointed as Treasury Secretary, the government may introduce additional regulations that could complicate operations for crypto companies

Also Read: Donald Trump Cuts Kamala Harris’ Election Odds Lead To 4 Points, But He Leads In These 2 Crucial Swing States

Why It Matters: The future trajectory of crypto could significantly influenced by the outcome of the U.S. presidential election this fall. A potential Gensler appointment as treasury Secretary, many fear, could signal a continuation of stringent regulation for the industry and depress prices.

Conversely, Donald Trump returning to the White House is speculated to bring laxer regulation and a potentially boost prices.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: 

• 2024 Election Impact On Crypto: Is The Market Driven By Political Odds?

Image: Shutterstock