Senate Sources: Kamala Harris Expected to Nominate Gary Gensler as Treasury Secretary if Elected
Senate insiders reveal that Vice President Kamala Harris is likely to nominate SEC Chairman Gary Gensler as Treasury Secretary if she wins the upcoming presidential election. The potential nomination is expected to face strong opposition from Republicans but could gain significant support from Democrats.
Because Bitcoin
August 19, 2024
Although Securities and Exchange Commission (SEC) chairman Gary Gensler hasn’t publicly indicated any plans to leave his position, multiple senior Senate staffers have informed the Washington Reporter that Vice President Kamala Harris intends to nominate him as her Treasury Secretary if she wins in November. This speculation aligns with similar comments made by top Republicans.
Previously, in an interview with the Reporter, Rep. Tom Emmer (R., Minn.) warned that Harris might choose Gensler or Sen. Elizabeth Warren (D., Mass.) for the Treasury Secretary role, describing such a decision as potentially disastrous for the economy. Emmer criticized Gensler's track record, saying, "He's been bringing lawsuits all over the place—and losing all over the place. That time’s past. Gary Gensler needs to move on. His career in government should be over."
Should Harris emerge victorious, senior Republican Senate staff anticipate "unified Republican opposition" to Gensler’s nomination. However, Gensler is expected to receive broad support from Democrats. Reps. Elissa Slotkin (D., Mich.) and Ruben Gallego (D., Ariz.), who have anti-cryptocurrency voting records despite receiving significant support from a pro-cryptocurrency group, Fairshake PAC, are seen as potential votes for Gensler’s confirmation. Neither has commented on their stance, but Republicans are preparing to challenge his nomination.
Amidst these rumors, there is also speculation that Gensler might step down as SEC chairman before the November election, allowing President Joe Biden to appoint a successor. Katie Biber, CLO of crypto investment firm Paradigm, suggested a “Gensler plan” where he could secure a Democratic majority on the Commission in 2025 by reverting to a commissioner role, paving the way for a new chair like Caroline Crenshaw. However, some Hill sources believe Gensler would only consider this move if Harris guaranteed him the Treasury Secretary position in her administration.
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