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Emmer warns of economic risks if Harris appoints Gensler for Treasury

GrafaGrafa2024/08/21 02:40
By:Liezl Gambe

The possibility that Vice President Kamala Harris could choose an anti-crypto Treasury Secretary if elected in November is raising concerns.  

Rumors in Washington suggest that Harris might nominate SEC Chair Gary Gensler for the Treasury Secretary position.  

These rumors align with what top Republicans have shared with the Washington Reporter, as reported on August 19.  

Minnesota representative Tom Emmer has expressed strong concerns over this potential move.  

Emmer, a pro-crypto and anti-CBDC Congressman, warned that appointing Gensler or, even worse, Senator Elizabeth Warren, as Treasury Secretary would be disastrous for the economy.  

He criticised Gensler for his aggressive legal actions against various entities, noting that many of these lawsuits have not been successful.  

Emmer emphasised that Gensler’s time in government should end, and his career in public service should be over.  

If Harris wins the presidency, Republicans are expected to oppose Gensler’s nomination strongly, although he could still garner substantial Democratic support.  

There are also speculations that Gensler might step down as SEC chairman, allowing the Biden administration to appoint a new chair before the election.  

One potential replacement is SEC commissioner Caroline Crenshaw, who has taken a firm stance against crypto, particularly in her opposition to spot Bitcoin ETFs.  

The crypto community is deeply concerned about these developments.  

Ryan Sean Adams, an Ethereum advocate and founder of Bankless, stated that if Gensler were appointed, it could effectively end the crypto industry in the U.S.  

Adams pointed out that there has been no indication from Harris that she would avoid nominating Gensler, leaving the community uncertain about the future.  

Caitlin Long, founder of crypto bank Custodia, added that some Democrats have dismissed the rumor about Gensler’s potential nomination.  

However, she speculated that the rumor might have been started by Gensler himself to create uncertainty and disrupt the crypto community.  

As the 2024 election approaches, the crypto industry remains on edge, closely monitoring any developments regarding potential appointments that could significantly impact the future of digital assets in the United States.  

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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