According to rumours, if Kamala Harris wins the 2024 U.S. presidential election, she may nominate Gary Gensler as the next U.S. Treasury Secretary.
The U.S. Treasury Secretary holds a powerful position and could give Gensler more power to clamp down on crypto.
Gary Gensler has been criticized for his aggressive actions against various crypto projects in the last few years.
So far, speculation continues to swirl concerning these rumours.
On top of this, Harris is now leading Trump 51%—47% on PolyMarket.
The intersection of politics and finance (particularly decentralized finance) is becoming even more apparent, especially as the 2024 U.S. presidential election approaches.
So far, aside from Kamala Harris' booming odds of beating Donald Trump in the upcoming elections, there are now rumours of something even more disturbing for the crypto industry.
Per reports, if Vice President Kamala Harris wins the November election, she may consider nominating Gary Gensler (the current chairman of the SEC) as the next U.S. Treasury Secretary.
This possibility has sent waves of fear throughout the crypto industry, and here’s why it might be dark times ahead for the future of digital assets in the United States.
First, the U.S. Treasury Secretary is one of the most influential positions in the federal government and is often compared to the country's chief financial officer.
This means that the Treasury Secretary will be in charge of the country's financial policies, public debt management, and economic regulation implementation.
If the rumours are true and Gensler is appointed, his influence on the crypto (and non-crypto) sectors would be nearly absolute.
As crypto commentator Marty Party puts it, "If this is true, we are all f*cked".
Gary Gensler is no stranger to controversy, especially in the crypto space.
He has become quite unpopular over the years since taking over as SEC chairman, considering his aggressive enforcement against various crypto projects.
Under Gensler, the agency has sued Ripple, Binance, Kraken, Coinbase, Uniswap, and many others.
These enforcement actions have also drawn criticism from many within the industry who argue that the SEC chair is anti-innovation.
One of the most vocal critics of Gensler’s methods is U.S. Rep. Tom Emmer, who repeatedly stated that "Gensler's time has passed" and that "His career in government should be over."
So far, if Harris does nominate Gensler, key Democrats like Elissa Slotkin (D., Mich.) and Ruben Gallego (D., Ariz.) and others are expected to be in support, given their anti-crypto stances.
Ryan Adams, founder of Bankless, did not mince words when commenting on the issue.
Adams said, "If true, this would basically end crypto in the U.S., and we might as well flee the country now."
Flee the country now.
This sentiment shows how deep the fear is in the crypto space that Gensler, with this newfound influence, will further clamp down on crypto and issue outright bans on specific activities.
Overall, as the elections draw closer, the race between Harris and Trump remains as tight as ever. PolyMarket odds now show that Harris has a 51% lead over Trump's 47%, with nearly $650,000 in bets already placed.
The rumours of Gensler's nomination add another layer of tension to this narrative, and we would all like to know:
What will happen before and after 5 November 2024?
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.