FX168 Financial Report (Asia Pacific) - According to Washington Reporter and multiple foreign media reports on Monday (August 19), if Kamala Harris, the vice president and potential Democratic presidential candidate of the United States, wins the presidential election in November this year, Gary Gensler, the chairman of the U.S. Securities and Exchange Commission who has long been skeptical of cryptocurrencies, is likely to replace Yellen and be nominated as the U.S. Treasury Secretary.
Foreign media quoted anonymous sources as saying, "Several senior Senate officials have told the Washington Reporter that if Harris wins in November, she plans to nominate Gensler as Treasury Secretary." #US Presidential Election #
(Source: Washington Reporter)
In 2021, current US President Biden appointed Gensler as chairman of the US Securities and Exchange Commission. He won the reputation of an enemy of cryptocurrencies because of his enforcement actions on leading cryptocurrency projects and companies such as Coinbase, Kraken and Uniswap.
Gensler's attitude towards cryptocurrencies has been criticized by politicians from both parties. For example, Republican Congressman Tom Emmer from Minnesota said that the cryptocurrency industry must resist Gensler's "mission to subvert free markets, innovation and global competitiveness ".
Democratic Congressman Ritchie Torres from New York described Gensler's understanding of securities law as "plasticity and manipulability".
He served as chairman of the US Commodity Futures Trading Commission (CFTC) during the Obama administration, and as senior adviser to US Senator Paul Sarbanes when drafting the Sarbanes-Oxley Act.
His term at the US Securities and Exchange Commission will end in 2026, but it is likely to depend on whether former President and Republican presidential candidate Trump is re-elected.
The US Department of the Treasury is responsible for operating and maintaining financial infrastructure, including taxation, printing money, issuing bonds, and enforcing financial sanctions. The Treasury Secretary is sometimes referred to as the national "chief financial officer" and is also responsible for guiding fiscal policy.
The Washington Reporter said that SEC Commissioner Caroline Crenshaw may replace Gensler as chairman. Emmer also said that Massachusetts Senator Elizabeth Warren may also be a competitor for the position of Treasury Secretary.
Caitlin Long, CEO of Avanti Bank and blockchain veteran from Wyoming, expressed doubt about this news and said that Gensler himself may be spreading rumors that he is considering taking on cabinet positions "to disturb all of us".
Bloomberg industry research analyst Eric Balchunas also holds the same view. He tweeted that this can be completely viewed as a fabricated rumor.