Vice President Kamala Harris is reportedly considering nominating Gary Gensler, the current chairman of the Securities and Exchange Commission (SEC), as her Treasury Secretary if she wins the upcoming presidential election in November.
These rumors have been corroborated by top Republicans. In a recent interview, Rep. Tom Emmer (R-Minn.) warned that Harris might pick Gensler or Sen. Elizabeth Warren (D-Mass.) to serve as Treasury Secretary, a move he described as potentially disastrous for the economy. Emmer criticized Gensler’s track record, stating, “Gensler has 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.”
If Harris secures the presidency, senior Republican Senate staff anticipate a “unified Republican opposition” to Gensler’s nomination. However, he is expected to receive broad Democratic support. Two potential confirmation votes for Gensler are Reps. Elissa Slotkin (D-Mich.) and Ruben Gallego (D-Ariz.), both of whom have received significant financial backing from Fairshake PAC, a pro-cryptocurrency group. Despite their anti-cryptocurrency voting records in Congress, neither Slotkin nor Gallego have commented on whether they would support Gensler’s nomination.
In addition to the potential Treasury Secretary nomination, there are also rumors that Gensler may step down as SEC chairman before the November election, allowing President Joe Biden to nominate a new chair. Katie Biber, the Chief Legal Officer of Paradigm, a crypto-related investment firm, suggested a possible “Gensler plan” that would ensure a Democratic majority in the SEC Commission by 2025. Under this plan, Gensler could revert to serving as a commissioner, and Biden could appoint a successor, potentially Caroline Crenshaw, known for her critical stance towards the crypto industry.
While the “Gensler plan” is seen as a long shot, it remains a possibility. One source on Capitol Hill who works on SEC issues speculated that Gensler might agree to this plan if Harris promised him the position of Treasury Secretary in her administration.
