As an analyst with over two decades of experience in financial markets and technology, I have seen my fair share of rumors and speculations, especially when it comes to high-profile appointments like the potential one of Gary Gensler as US Treasury Secretary. In this case, I find myself skeptical about the veracity of these reports, primarily due to the strong denials from reliable industry sources such as Caitlin Long and Dennis Porter.
On August 19th, Washington Reporter released an article suggesting that Vice President Kamala Harris might consider nominating Gary Gensler as U.S. Treasury Secretary should she assume the presidency in the future, according to several high-ranking Senate staff members. This news sparked intense discussions within the cryptocurrency community, as some believe Harris is reneging on her pledge for “crypto assets” by appointing individuals who have historically held an unfavorable stance towards cryptocurrencies.
Nevertheless, certain figures within the cryptocurrency sector argue that the reports are baseless and such an appointment is improbable. Caitlyn Long, CEO of Custodia Bank, has indicated that she has been conversing with several Democrats who claim the information is inaccurate. One of these individuals speculates that Gensler himself may be the originator of the rumor, perhaps to create confusion or mischief among us.
It appears that several Democratic representatives have clarified that the speculation about Gary Gensler becoming the Treasury Secretary is unfounded. One source suggests that Gensler may be the originator of this rumor, possibly to create some confusion or mischief among us – and that certainly seems plausible. 🤷♀️
— Caitlin Long 🔑⚡️🟠 (@CaitlinLong_) August 19, 2024
Dennis Porter, the head of the Satoshi Act Fund as its founder and CEO, challenged other media outlets for their inaccurate reporting on the matter. He emphasized that the information coming from Senate sources is entirely false.
SEC Chief Gary Gensler as Treasury Secretary
During the Biden administration, the chair of the Securities and Exchange Commission (SEC) has been involved in several actions perceived as unfavorable towards cryptocurrencies, resulting in a negative reputation within the cryptocurrency community. Additionally, there are those who speculate that Gensler is connected to Operation Choke Point 2.0, an initiative aimed at restricting the flow of funds in the cryptocurrency market by focusing on banks supportive of cryptocurrencies.
According to a report by Washington Reporter, any announcement of Gensler’s appointment is expected to face robust resistance from the Republican Party. Remarkably, during Donald Trump’s administration, the Republicans voiced their backing for the growth and development of the U.S. cryptocurrency sector.
It’s worth noting that a source close to the SEC’s inner workings hinted that Gensler may consider resigning if appointed as the Treasury secretary by Harris. Additionally, there have been whispers suggesting that Gensler could resign from his position as SEC chair before the November elections.
As a researcher exploring the intersection of politics and cryptocurrency, I’ve noticed an intriguing development: Supporters of the Democratic Party who are also crypto enthusiasts have launched the “Crypto for Harris” campaign to bolster Vice President Kamala Harris’s public image within our community. However, it’s important to note that there has been no formal response from her yet.
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2024-08-20 11:06