By Bhushan Akolkar
Updated
3 min read
Custodia Bank CEO Caitlyn Long stated that she was in discussion with several Democrats who stated that the news was false.
On Monday, August 19, Washington Reporter published a report citing “multiple senior Senate staffers” stating that Vice President Kamala Harris could consider appointing SEC chief Gary Gensler as US Treasury Secretary if she becomes the next US President. The report led to a strong debate within the crypto community that Kamala Harris is backtracking on her promise of “crypto asset” while appointing the same players who have taken an anti-crypto stand in the past.
However, some leaders from the crypto industry also state that the rumors are unfounded and any such appointment is unlikely to go through. Custodia Bank CEO Caitlyn Long stated that she was in discussion with several Democrats who stated that the news was false. “One [Democrat] 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),” she wrote.
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
Dennis Porter, founder and CEO of the Satoshi Act Fund called out other news publications for reporting this adding that the Senate sources are absolutely incorrect.
During the Biden administration, the SEC chair has been part of several anti-crypto measures and thus holds a bad image in the crypto space. Many also believe that Gensler is part of Operation Choke Point 2.0 which aims at choking the crypto market liquidity by targeting crypto-friendly banks.
As per the report from Washington Reporter, any news of Gensler’s appointment will be met with strong opposition from the Republican party. The Republicans under Doland Trump have come forth in extending support to the US crypto industry.
Interestingly, one insider familiar with the SEC operations also suggested that Gensler might himself agree to step down if Harris appoints him as Treasury secretary. Besides, there have also been speculations that Gensler might step down as the SEC chair ahead of the November election.
Crypto enthusiasts who are supporters of the Democratic Party are propping up efforts to boost Kamala Harris’s image with the “Crypto for Harris” campaign. However, there’s no supporting comment from the Vice President so far. On the other hand, the Democratic National Convention kickstarted on August 19th but didn’t have any mention of Bitcoin or crypto in the 92-page document.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
