Crypto community reacts to rumors Kamala Harris could make SEC Gensler Treasury Secretary

The crypto community reacted to a report on Monday alleging that Kamala Harris will likely nominate Securities and Exchange Commission (SEC) Chair Gary Gensler as Treasury Secretary if elected. The report accompanies the Democratic National Convention, which began today, causing Harris to overtake Trump on Polymarket odds.

Kamala Harris faces criticism as reports of Gensler's retainment spark outrage

A report alleging that Kamala Harris will potentially nominate SEC Chair Gary Gensler as Treasury Secretary, if elected President, has sent shockwaves through the crypto community.

The report, which the Washington Reporter published, has garnered the attention of several crypto community members who are becoming increasingly skeptical of Kamala Harris's campaign. However, Caitlin Long, founder and CEO of Custodia Bank, has said that multiple Democrats confirmed that the rumors are false.

Meanwhile, several top voices raised concerns about the potential negative impact of Gensler's nomination on the crypto industry due to the SEC's heavy crackdown on crypto companies in his dispensation as Chair.

In an X post, Ryan Sean Adams, co-host of the Bankless podcast, wrote, "If true, this would basically END crypto in the U.S. and we might as well flee the country now."

Nevada Senate candidate Sam Brown also commented:

Furthermore, Harris and the Democratic party have faced criticism for their perceived lack of support for cryptocurrency, as their latest 2024 platform did not mention crypto. In comparison, the GOP platform has a specific section dedicated to crypto, Artificial Intelligence (AI) and space.

Crypto's omission from the platform suggests otherwise from earlier speculations that her campaign seeks to repair the differences that the crypto industry has faced with the Biden administration.

However, Eleanor Terret said that she understood that the recent Democrat platform was written before President Joe Biden dropped out of the November presidential election race.

In other news, Polymarket odds have indicated a surge in Harris' support, briefly surpassing Trump following the commencement of the Democratic National Convention. The odds currently indicate a tie between both candidates.