Report That Kamala Harris Will Nominate Gary Gensler For Treasury Secretary Sparks Skepticism

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Updated: 20 August 2024

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The Washington Reporter said Vice President Kamala Harris is likely to nominate Securities and Exchange Commission (SEC) Chair Gary Gensler for Treasury Secretary if elected, but senior politicians and analysts quickly questioned the reliability of its sources.

The Washington Reporter article cited ”multiple senior Senate staffers,” adding that their comments on Harris’s plan corroborated what top Republicans had also told the publication.

But Custodia Bank CEO Caitlin Long quickly dissed the story in an Aug. 19 post on X, saying that multiple Democrats had contacted her and told her the “rumor is false.”

OK, multiple Dems contacted me to say the “Gensler as Treasury Secretary” rumor is false. One thinks the source of the rumor is Gensler himself — (thinks he planted it just to mess with all of us…that sounds about right TBH)🤷‍♀️ https://t.co/nTRwq1Gafu

— Caitlin Long 🔑⚡️🟠 (@CaitlinLong_) August 19, 2024

A Gensler Appointment To ”End Crypto In The US”

Bankless founder Ryan Sean Adams asked the journalist who wrote the report, Matthew Foldi, to share how reliable his sources are.

Adams said that if the rumor is true, it would “basically END crypto in the U.S.,” adding that crypto founders might as well “flee the country now.”

Ok @MatthewFoldi you're reporting that Kamala Harris is likely to nominate Gary Gensler as Treasury Secretary if she wins.

How reliable are your sources here?

Because if true this would basically END crypto in the U.S. and we might as well flee the country now. pic.twitter.com/tsTjw2IdNh

— RYAN SΞAN ADAMS – rsa.eth 🦄 (@RyanSAdams) August 19, 2024

Adams also said the story “is very unlikely to be true.” Regardless, he believes that the potential Gensler re-appointment can not be ruled out until Harris herself confirms she will not nominate the SEC Chair as Treasury Secretary.

The Washington Reporter story said there will be “unified Republican opposition” to Gensler if Harris wins. However, the SEC Chair will likely be able to count on broad Democratic support, it said.