As we know that the 2024 US presidential race heats up, Vice President Kamala Harris is reportedly considering Securities and Exchange Commission (SEC) Chairman Gary Gensler for a critical role in her potential administration.
As per top media reports, the sources close to Harris’s election campaign disclosed that Gary Gensler is being eyed as a top candidate for Treasury Secretary if Harris secures the win in the upcoming presidential election.
JUST IN: Kamala Harris is considering Gary Gensler as Treasury Secretary if elected President, according to senate sources. pic.twitter.com/C54Jwt98of
— Watcher.Guru (@WatcherGuru) August 19, 2024
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Gensler, who has been chairman of the SEC agency since 2021, is known for his aggressive stance on the cryptocurrency sector. His tenure at the SEC agency has been marked by a focus on tightening rules around cryptocurrencies, ensuring greater transparency in markets, and enhancing investor protections. Because of his aggressive stance against the crypto sector, he has earned criticism from various crypto stakeholders in the financial industry.
A Strategic Move for Harris against crypto space?
Selecting the current SEC chairman Gensler for Treasury Secretary could signal Harris’s commitment to a robust regulatory approach to Wall Street and the broader financial system.
The Treasury Secretary is a pivotal figure in shaping economic policy, overseeing the nation’s finances, and advising the president on fiscal matters. Gensler’s experience and regulatory mindset could align with Harris’s vision of a more equitable economy.
Some experts shared their opinions on this matter and noted that there is a high possibility that Harris would face criticism for this decision, as Gensler is already seen as an opponent of the sector, and his presence at the top level may bring significant challenges for this innovative space.
Gary Gensler & his Experience
Before his role at the securities regulatory body, Gensler served as Chairman of the Commodity Futures Trading Commission (CFTC) during the Obama administration, where he implemented reforms in the wake of the 2008 financial crisis. His experience in both the public and private sectors, including his time at Goldman Sachs, has equipped him with a deep understanding of financial markets.
His aggressive leadership at the SEC agency has been characterised by efforts to modernise the agency’s approach to regulate the unregulated emerging technologies like Bitcoin & Ethereum.
Here people need to understand that currently no final decision has been made, the inclusion of Gensler on Harris’s shortlist underscores the importance of financial regulation in the upcoming election.
Read also: Tether firm decides to launch $USDT on the Aptos blockchain network
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