Gary Gensler as Secretary of the American Treasury? The Crypto Community is Worried

The 2024 American presidential race promises to be decisive for the crypto future. Kamala Harris and Donald Trump, potential rivals for the Oval Office, display radically opposed views regarding sector regulation and the role of Gary Gensler, the current SEC Chairman.

A debated nomination

According to sources close to the matter, Vice President Kamala Harris is seriously considering appointing Gary Gensler as Treasury Secretary in case of a 2024 win. This prospect raises significant concerns in the crypto industry, as Gensler is known for his firm stance on sector regulation.

Conversely, at the Bitcoin 2024 conference in Nashville, Donald Trump promised to fire Gary Gensler if he returns to the White House, marking a deep divide in the approach to crypto regulation.

The Republican Representative Tom Emmer from Minnesota, a staunch opponent of Gensler, did not mince words: “Gary Gensler needs to move on. His career in government should be over.” 

Emmer criticizes Gensler’s aggressive approach as the head of the SEC, accusing him of multiplying lawsuits without achieving concrete results.

Republicans fear that a Gensler appointment to the Treasury could disrupt the American economy, particularly the crypto sector. Therefore, they consider banding together to block this potential nomination, highlighting the political and economic stakes of this decision.

Implications for the crypto industry

The potential arrival of Gensler at the Treasury worries the crypto ecosystem. His tenure at the SEC has been marked by a desire to strengthen sector regulation, often perceived as hostile by industry participants. 

If Gensler were to take the reins of the Treasury, it could result in:

• Increased monitoring of crypto companies
• Tightening of regulations for the entire financial sector
• Continued legal uncertainty around the classification of crypto assets

These prospects could push some crypto companies to relocate their activities to more favorable jurisdictions, risking a slowdown in innovation in this field in the United States.

In sum, the 2024 election thus promises to be a pivotal moment for the future of crypto in the United States. The industry watches closely, aware that the outcome could redefine the regulatory landscape and the adoption of crypto assets for years to come. Between Harris’s regulatory vision and Trump’s pro-crypto approach, the future of Bitcoin and the American blockchain ecosystem will be decided at the polls.