According to rumors, in the event of an election victory, Kamala Harris is considering nominating SEC Chairman Gary Gensler as Treasury Secretary. That reported the Washington Reporter on Aug. 19, referring to insiders in the U.S. Senate.

The speculation, however, is surrounded by much skepticism. Caitlyn Long, CEO of Custodia Bank, stated in a tweet that several Democrats called the rumors untrue.

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

According to Long, it is even suspected that Gensler himself is the source of the rumor, possibly to create political confusion. Although the SEC chief has not yet publicly expressed interest in a new role, possible discussions would have already begun, according to the report.

Gensler is notorious in the crypto world for his unpredictable and strict regulatory style. Under his leadership, several lawsuits are currently pending against crypto actors in the US.

However, the authenticity of the latest rumors can also be doubted, as the Washington Reporter article was written by Matt Foldi. According to the crypto commentator and venture partner Adam Cochran, Foldi was previously running for Congress as a Republican, with a focus on anti-Democrat rhetoric.

Since Joe Biden's resignation from the presidential election, the crypto industry has been hoping for a regulatory reversal. Some members of the Democrats are now said to have recognized crypto as a key election issue. There was already talk of approaches from Kamala Harris' campaign team.

According to new developments, however, Harris' stance on crypto remains vague. For example, Bitcoin, crypto or blockchain are not mentioned in the Democrats' election manifesto released on Aug. 19.

On the other hand, former President Donald Trump's official program. He devoted an entire chapter to the industry, promising protection for Bitcoin miners and defense of the right to self-manage digital assets.

As a result, skeptics feel strengthened in their belief that the Democrats' strict stance under Biden will continue under a Harris presidency. Thus also Charles Hoskinson, founder of Cardano.

For other members of the cryptocurrency industry, however, Harris' candidacy remains an opportunity for Democrats to distance themselves from hostility.