About That ‘Gary Gensler for Treasury Secretary’ Story

Gary
Gensler
is
(let’s
just
say
it)
universally
disliked
in
crypto
for
the
SEC’s
frequent
aggressive
“enforcement
actions”
and
for
his
unwillingness
to
be
clear
about
what
is
and
what
isn’t
legally
permissible
when
it
comes
to
digital
assets.

But
is
the
story
true?
Let’s
take
a
look
at
the
evidence,
and
how
this
“story”
may
have
come
about.

It
may
be
true
that
“multiple
senior
Senate
staffers”
believe
Gensler
could
be
Treasury
Secretary
in
a
Harris
administration.
Gensler
is
long
believed
to
have
coveted
that
job
and
he
would
certainly
be
well-qualified:
he
worked
on
Wall
Street
(Goldman
Sachs),
he’s
led
both
of
the
country’s
primary
markets
regulators
(the
SEC
and
Commodity
Futures
Trading
Commission),
and
he
was
a
professor
at
MIT.
He’s
a
well-rounded,
experienced
economic
public
servant;
why
wouldn’t
he
be
considered
as
a
Treasury
Secretary
candidate?
Putting
aside
that
Harris
needs
to
win
the
presidency,
a
Senate
majority

and
persuade
both
Democratic
and
Republican
Senators
to
support
his
nomination
…
it’s
certainly
possible
Gensler
could
get
the
job
next
year,
though,
according
to
most
experts,
that
is
unlikely.

But
the
story
is
filled
with
red
flags
that
any
decent
editor
would
immediately
mark
up
with
red
ink.
For
example:
“Those
rumors
corroborate
what
top
Republicans
have
also
told
the

Reporter
on
the
record.”

Rumors
don’t
corroborate
anything.
And
there’s
nothing
close
to
a
quote
from
someone
close
to
the
Harris
camp;
the
“likely”
in
the
headline
all
comes
from
those
Senate
staffers.