- Rumors regarding Gary Gensler's possible nomination as Treasury Secretary have sparked a backlash in the crypto community.
- While Harris has the lead in Polymarket's predictions, Trump is trailing by a narrow margin amid concerns from the crypto community.
As the 2024 presidential election approaches, there is growing discussion about potential changes to the government's key roles.
Rumors of key appointments have surfaced, especially amid Vice President Kamala Harris' strong stance on cryptocurrencies.
Gary Gensler again?
According to a recent article in The Washington Reporter, if Harris wins the presidency in November, Gary Gensler, the current head of the Securities and Exchange Commission (SEC) and known for his crypto skepticism, will be in charge of financial affairs. There is a possibility that he will be nominated as chief minister.
This speculation has sparked a huge backlash from the crypto community, with many voicing concerns about Harris' potential leadership.
A satirical post by Bitcoin Archive humorously highlighted the community's skepticism and suggested that the crypto sector may rally behind alternative candidates in the next election.
Source: Bitcoin Archive/X
Shock hits the virtual currency community
To further validate the positive direction of the cryptocurrency community, the X account under the username – Yakuza weighed in and said:
“Trump knows who's bringing this country to the floor. So he's there to remove those obstacles. Kamala, on the other hand, supports them.”
This is not the first time such rumors have surfaced.
In a recent conversation with reporters, Representative Tom Emmer expressed concern that Harris would choose Gensler or Sen. Elizabeth Warren to be Treasury secretary.
That said, Emmer further warned that such a decision could cause financial problems.
“He's litigating here and there, losing here and there. Those days are gone. Gary Gensler needs to move on. His career in government should be over.”
Polymarket trends
Needless to say, these developments had a huge impact on the Polymarket forecast chart, which Harris was leading.
Currently, Harris is in the lead with 50%, but former President Donald Trump is close behind with 49% and is on track to overtake her again.
Source: Polymarket
For context, Trump previously had a 72% lead, but with the “Cryptocurrency for Harris” initiative, Harris began to outperform Trump.
But as uncertainty grows as to whether this news will materialize, Bankless founder Ryan Shawn Adams captured the sentiment well when he said:
“If true, this would basically end cryptocurrencies in the United States and we might as well flee the country now.”
