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Cryptocurrency markets welcomed Gary Gensler with great excitement when he took office. He understood the field. Known for his perspective on crypto from his Bitcoin and blockchain courses at MIT, Gensler turned into a monster after taking office. Cryptocurrency investors now hate him.
Gensler and Cryptocurrencies
Trump said he would immediately remove Gensler if elected. Does he have such authority? Of course, he does. Kamala Harris, however, is considering making Gensler the Treasury Secretary despite the backlash from cryptocurrency investors. The good news is that regardless of who wins, Gary will leave the SEC Chair position. However, if Harris wins, he will take a bigger position. This would be disappointing for expectations regarding crypto regulations.
Many senior Senate officials told the Washington Reporter that Vice President Kamala Harris plans to nominate Gensler as Treasury Secretary if she wins in November. This statement from senior officials could be disappointing for Harris’s team, which hinted at a fresh start regarding cryptocurrencies.
