As a seasoned crypto investor with over a decade of experience navigating the volatile world of digital assets, I find myself both amused and concerned by the ongoing speculation surrounding Gary Gensler’s potential move from SEC Chair to Treasury Secretary under a hypothetical Kamala Harris presidency.
Speculation about SEC Chair Gary Gensler possibly taking up the role of Treasury Secretary if Kamala Harris wins the 2024 presidential election has caused quite a stir in the cryptocurrency sector. However, Custodia Bank CEO Caitlin Long has dismissed such speculations. Furthermore, she hints that it might be Gensler himself who is fueling these rumors.
How ‘Gary Gensler As Treasury Secretary’ Rumors Started
The idea initially surfaced following an exclusive report by Matthew Foldi, a Washington Reporter. In his article, Foldi emphasized that Paradigm CLO Katie Biber had proposed a hypothetical plan known as the “Gensler plan.” This plan was said to aim at maintaining a Democratic majority on the Commission in 2025, potentially leading a newly-elected President Trump to remove Gensler.
If Gary Gensler is reappointed as an SEC commissioner, it opens up the opportunity for President Biden to choose a new commissioner like Caroline Crenshaw, who is well-known for her skeptical views on cryptocurrency. Consequently, if Gensler were to step down, the SEC’s efforts against the crypto industry would persist under the leadership of his successor.
There’s been a diverse reaction ranging from curiosity to doubt among industry professionals and political analysts regarding the “Gensler plan”. This recent speculation stems from an inside source at Capitol Hill who is knowledgeable about SEC matters, according to Foldi’s report. The source hinted that Gensler might consider such a situation if he were offered the position of Treasury Secretary by Kamala Harris should she secure victory.
Industry Leaders Debunk These Claims
The crypto sector was unhappy with these theories about Harris keeping Gensler, and demanded that he be dismissed. Moreover, Long from Custodia Bank questioned the validity of this speculation on X platform, asserting that “several Democrats have informed me personally that the ‘Gensler as Treasury Secretary’ rumor is untrue.”
Long, a Democrat, posits that Gensler might be the source of the rumor, either to stir up confusion or shape public opinions. This idea is reinforced by Sheila Warren, CEO of the Crypto Council, who shares similar views. In her post on platform X, Warren indicates that she has heard from several Republicans that this claim is baseless. The fact that both Democrats and Republicans are dismissing the rumor implies that it may not have solid evidence to support it.
As a political analyst, I’ve previously noted potential nominees for the Treasury Secretary position, should Vice President Kamala Harris decide to appoint one. Among these possibilities, Representative Tom Emmer expressed his reservations about Gary Gensler, suggesting he could be chosen. In relation to Gensler’s tenure at the SEC, Emmer voiced criticism, pointing out certain aspects of his leadership.
As a seasoned crypto investor, I’ve observed that Gary Gensler has been persistently filing lawsuits across various jurisdictions, yet consistently losing these cases. It’s high time for him to transition and leave his role behind. His tenure in government appears to have reached its expiration, and it might be beneficial for all parties involved if he moved on.
In a post on X, Bloomberg Senior ETF analyst Eric Balchunas highlighted Emmer’s viewpoint. Furthermore, Balchunas implied that it seemed as if Emmer might have originated the rumor himself. This sentiment is consistent with Custodia Bank CEO’s statement, suggesting a possibility that Gary Gensler could have initiated the rumor himself.
Crypto Industry Reactions
Furthermore, David Schwartz, the Chief Technology Officer at Ripple, responded to the rumors in a more sarcastic way. In a tweet on X, he said, “Exciting news for everyone! Some sources claim that if Harris is elected, she will replace Gensler as the chair of the SEC before his term ends!” This comes after Ripple concluded its legal battle with the SEC, resulting in a $125 million penalty against them.
Charles Hoskinson, Cardano‘s founder, expressed a cautious viewpoint. He emphasized that “as I have often said, team blue is not necessarily friendly to Cryptocurrency.” This sentiment echoes a growing skepticism within the cryptocurrency sector about the Democratic Party potentially not having crypto-related interests at heart.
In much the same vein, Bill Morgan, an advocate for XRP, criticized this notion, labeling those backing Harris as a crypto ally as “useful fools.” He cautioned, “Consider the harm he could inflict upon cryptocurrency in the role of Treasury Secretary. Where are the Democratic supporters of Crypto now? Are they still engaging with senior officials from the Administration and being heard?”
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2024-08-20 12:10