The crypto community is reacting to rumors that Kamala Harris may name SEC Gensler Treasury Secretary

• Members of the Crypto community are shocked by a report that Kamala Harris may nominate Gary Gensler as Treasury Secretary if elected.
• The report comes after Democrats released their 2024 platform without mentioning crypto.
• Polymarket shares reveal that Kamala Harris briefly led against Trump after the start of the Democratic National Convention.

The crypto community reacted on Monday to a report claiming that Kamala Harris is likely to nominate Securities and Exchange Commission (SEC) Chairman Gary Gensler as Treasury Secretary if elected. The report accompanies the Democratic National Convention, which began today, prompting Harris to overtake Trump in the Polymarket polls.

Kamala Harris faces criticism as reports of Gensler’s detention spark outrage

A report claiming that Kamala Harris will nominate SEC Chairman Gary Gensler as Treasury Secretary if elected president has sent shockwaves through the crypto community.

The report, published by the Washington Reporter, has caught the attention of several members of the crypto community who are becoming increasingly skeptical of Kamala Harris’ campaign. However, Caitlin Long, founder and CEO of Custodia Bank, said several Democrats have confirmed the rumors are false.

Meanwhile, several leading voices have expressed concern about the potential negative impact of Gensler’s nomination on the crypto industry due to the SEC’s strong crackdown on crypto companies under his tenure as chairman.

In an X post, Ryan Sean Adams, co-host of the Bankless podcast, wrote: “If true, this would basically END crypto in the US and we might as well run the country now.”

Nevada Senate candidate Sam Brown also commented:

In addition, Harris and the Democratic Party have faced criticism for their perceived lack of support for cryptocurrency, as their latest 2024 platform did not mention cryptocurrencies. 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 than previous speculation that her campaign is trying to mend the differences the crypto industry has faced with the Biden administration.

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

In other news, Polymarket shares indicated a surge in support for Harris, briefly surpassing Trump after the start of the Democratic National Convention. Currently, the odds indicate a tie between both candidates.