Gensler Likely Nominee for Treasury Secretary

Gary Gensler, the crypto-skeptical head of the U.S. Securities and Exchange Commission, may be nominated as Treasury Secretary if Vice President Kamala Harris wins the presidential election this November, according to a Washington Reporter article on Monday.

Multiple senior Senate staffers have informed the Washington Reporter that if Vice President Kamala Harris is elected, she intends to nominate Gensler as her Treasury Secretary.

Gensler, appointed SEC Chairman in 2021 by President Joe Biden, has gained a reputation as an opponent of crypto, taking enforcement actions against leading projects and companies in the industry, including Coinbase, Kraken, and Uniswap.

His approach to crypto has attracted criticism from politicians across the spectrum. For instance, Sen. Tom Emmer, a Republican from Minnesota, stated that the industry must resist Gensler’s “mission to upend free markets, innovation, and global competitiveness.” U.S. Rep. Ritchie Torres, a Democrat from New York, described Gensler’s understanding of securities laws as “malleable and manipulable.”

Before his role at the SEC, Gensler served as chair of the U.S. Commodity Futures Trading Commission during the Obama administration and was a senior advisor to U.S. Senator Paul Sarbanes when drafting the Sarbanes-Oxley Act. His SEC term runs until 2026, contingent on whether former President Donald Trump, a recent crypto advocate, is reelected.

Some Are Skeptical of the Report

The Department of the Treasury handles the U.S. financial infrastructure, including tax collection, currency printing, debt issuance, and enforcing financial sanctions. The Treasury Secretary, often referred to as the country’s “chief financial officer,” also plays a role in directing fiscal policy.

The Washington Reporter speculates that SEC Commissioner Caroline Crenshaw might succeed Gensler as the top securities regulator. Additionally, Massachusetts Sen. Elizabeth Warren has also been mentioned as a potential contender for the Treasury Secretary position.

The publication claims to be a right-of-center digital newspaper focused on government affairs and was launched in 2024, with staff described as full-time Republican political “operatives.”

Caitlin Long, CEO of Avanti Bank and a prominent blockchain advocate from Wyoming, expressed skepticism about the news, suggesting on the social media platform X that Gensler might have started the rumor to confuse the public. This sentiment was echoed by Bloomberg Intelligence analyst Eric Balchunas, who stated on X that he could see this as a fabricated rumor.

Balchunas added, “If you were a Republican and you wanted to help shore up the crypto vote, hard to think of anything more powerful than giving people the visual of Gensler having even more power. Even if not true, it’s potent.”