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Vice President Kamala Harris may nominate Securities and Exchange Commission (SEC) Chairman Gary Gensler to be Treasury Secretary if she wins the November election, sources said.
Although Gensler has not publicly stated that he wants to leave his current role, multiple senior Senate staffers have shared the possibility.
The speculations also echo comments from top Republicans who have suggested Gensler could be next in line for the Treasury role. The nomination would mark a significant shift for Gensler, who has been a leading figure in regulating the crypto industry. The possibility of Gensler moving to the Treasury Department raises questions about his ongoing involvement in crypto regulation and the impact it could have on his career.
Representative Tom Emmer voiced strong opposition to the idea, arguing that Gensler’s appointment or a similar nomination by Senator Elizabeth Warren could spell disaster for the economy. Emmer criticized Gensler’s tenure at the SEC.
If Harris wins, there is a likely unified Republican opposition to Gensler, although she could receive broad Democratic support. Notable Democrats such as Reps. Elissa Slotkin and Ruben Gallego, both of whom have received significant contributions from the pro-crypto Fairshake PAC, could play a role in Gensler’s appointment. However, neither representative has commented on their potential votes for Gensler, and Republicans are preparing to strongly oppose his nomination.
In addition to speculation about Gensler’s potential role at the Treasury, there have also been rumors that he could resign from his SEC post before the election. That move could prompt President Joe Biden to nominate a new SEC chair, possibly someone like Caroline Crenshaw, who is known for her critical stance toward the crypto industry.
Katie Biber, chief legal officer at crypto investment firm Paradigm, suggested a “Gensler plan” could be in play. That plan could involve Gensler stepping down as SEC chair, Biden appointing a successor, and Gensler potentially moving into a Treasury role if Harris wins.
*This is not investment advice.