Crypto community reacts to rumors Kamala Harris could make SEC Gensler Treasury Secretary
|- Crypto community members are shocked by a report that Kamala Harris may appoint Gary Gensler as Treasury Secretary if elected.
- The report comes after Democrats released their 2024 platform with no mention of crypto.
- Polymarket odds reveal that Kamala Harris briefly led against Trump after the Democratic National Convention began.
The crypto community reacted to a report on Monday alleging that Kamala Harris will likely nominate Securities and Exchange Commission (SEC) Chair Gary Gensler as Treasury Secretary if elected. The report accompanies the Democratic National Convention, which began today, causing Harris to overtake Trump on Polymarket odds.
Kamala Harris faces criticism as reports of Gensler's retainment spark outrage
A report alleging that Kamala Harris will potentially nominate SEC Chair Gary Gensler as Treasury Secretary, if elected President, has sent shockwaves through the crypto community.
The report, which the Washington Reporter published, has garnered the attention of several crypto community members who are becoming increasingly skeptical of Kamala Harris's campaign. However, Caitlin Long, founder and CEO of Custodia Bank, has said that multiple Democrats confirmed that the rumors are false.
Meanwhile, several top voices raised concerns about the potential negative impact of Gensler's nomination on the crypto industry due to the SEC's heavy crackdown on crypto companies in his dispensation as Chair.
In an X post, Ryan Sean Adams, co-host of the Bankless podcast, wrote, "If true, this would basically END crypto in the U.S. and we might as well flee the country now."
Nevada Senate candidate Sam Brown also commented:
This makes it crystal clear: Kamala Harris is a radical who wants the federal government to spy on Americans and our bank accounts.
— Sam Brown (@CaptainSamBrown) August 19, 2024
This is the anti-Crypto, anti-privacy, anti-innovation ticket.
Gensler (who Jacky Rosen voted to confirm!) would be a disaster for EVERYONE. https://t.co/jtZt76cbl7
This makes it crystal clear: Kamala Harris is a radical who wants the federal government to spy on Americans and our bank accounts.
— Sam Brown (@CaptainSamBrown) August 19, 2024
This is the anti-Crypto, anti-privacy, anti-innovation ticket.
Gensler (who Jacky Rosen voted to confirm!) would be a disaster for EVERYONE. https://t.co/jtZt76cbl7
Furthermore, Harris and the Democratic party have faced criticism for their perceived lack of support for cryptocurrency, as their latest 2024 platform did not mention crypto. In comparison, the GOP platform has a specific section dedicated to crypto, Artificial Intelligence (AI) and space.
Crypto's omission from the platform suggests otherwise from earlier speculations that her campaign seeks to repair the differences that the crypto industry has faced with the Biden administration.
However, Eleanor Terret said that she understood that the recent Democrat platform was written before President Joe Biden dropped out of the November presidential election race.
In other news, Polymarket odds have indicated a surge in Harris' support, briefly surpassing Trump following the commencement of the Democratic National Convention. The odds currently indicate a tie between both candidates.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.