Gary Gensler as Treasury Secretary? Here’s what it means for crypto markets!

• Rumors about Gary Gensler’s possible Treasury Secretary nomination spark backlash in the crypto community.
• Harris leads in Polymarket predictions, but Trump is close behind amid crypto community concerns.

As the 2024 presidential election approaches, there’s growing talk about possible changes in key government roles.

Notably, amid Vice President Kamala Harris’s firm stance on cryptocurrency, rumors have surfaced regarding a significant appointment.

Gary Gensler once again?

According to a recent Washington Reporter article, Gary Gensler, the current head of the U.S. Securities and Exchange Commission (SEC) and known for his crypto-skeptical views, may be nominated as Treasury Secretary if Harris secures the presidency this November. 

This speculation has sparked a significant backlash from the crypto community, with many expressing concerns over Harris’s potential leadership.

In a satirical post by Bitcoin Archive, the community’s skepticism was humorously underscored, suggesting that the crypto sector may rally behind an alternative candidate in the upcoming election. 

Source: Bitcoin Archive/X

Crypto community shocked

Further validating the crypto community’s preferred direction, an X account under the username – Yakuza weighed in, and said, 

“Trump knows who is sending this country to the floor. So, he is there to get rid of those obstructions. Kamala on the other hand is endorsing them.” 

This isn’t the first time such rumors have surfaced.

In a recent conversation with the Reporter, Representative Tom Emmer voiced concerns that Harris might select Gensler or Senator Elizabeth Warren as her Treasury Secretary.

That being said, Emmer further warned that such a decision could spell economic trouble,

“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.”

Polymarket trends

Needless to say, these developments significantly impacted the Polymarket prediction chart, where Harris had been leading.

Currently, Harris tops the chart with 50%, but former President Donald Trump is close behind at 49%, poised to overtake her once again.

Source: Polymarket

For context, Trump previously led with 72%, but Harris began to outpace him following the ‘Crypto for Harris’ initiative.

However, as uncertainty looms over the possibility of this news becoming a reality, Ryan Sean Adams, Founder of Bankless, captured the sentiment well when he said, 

“If true this would basically END crypto in the U.S. and we might as well flee the country now.”