KEY POINTS
- Perianne Boring said the group has heard Warren ‘planted’ the rumor to gauge its impact on her political base
- Boring branded Warren as the ‘number one nemesis’ of the crypto industry
- Adam Cochran said he will vehemently oppose the idea if Warren does nominate Gensler
The cryptocurrency rumor mill is once again running wild amid fresh speculation that Democratic Sen. Elizabeth Warren floated the idea of nominating U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler as the Treasury Secretary.
Warren, who has held her seat in Massachusetts for over a decade, has long been considered as “anti-crypto” in the digital assets space, especially after she seemingly confirmed in a post on X last year that she is “building an anti-crypto army.”
Industry Leader Talks New Rumor
Perianne Boring, the CEO of blockchain advocacy group the Digital Chamber, said in a podcast with Paul Barron that Gensler is considering the idea of resigning from his current post and transitioning to a “commissioner” role, citing sources “inside the SEC.”
She went on to reveal that the blockchain association has heard Warren “planted” the recent rumor regarding Democratic presidential nominee and Vice President Kamala Harris was considering Gensler as the head of the Treasury Department. Boring noted that Warren is “the number one nemesis” of the crypto industry.
When asked why Warren would have “planted” such a rumor, Boring said the Chamber heard the senator’s team is looking to conduct polling “on how did that announcement impact her base.”
Boring further explained about the Warren team’s supposed polling plan on X, saying that “if the data shows minimal impact, this could potentially clear the path for Gensler’s nomination without significant fallout.” Boring believes that regardless of the poll’s results, the SEC chief will still likely face “serious challenges in getting Senate confirmation.” In her explanatory post, Boring cited an “ex-federal regulator.”
Warren has yet to comment on the speculations.
‘Dumb ***t’ – Crypto Erupts Over Revelation
Prominent crypto analyst Adam Cochran said the scenario Boring revealed “seems unlikely.” However, he noted that if the Massachusetts senator does try to nominate Gensler for the Treasury chief role, he will definitely express opposition to the idea.
“On advantage to building relationships across the aisle, is having people to call and yell at if someone in their party tries to do dumb s**t like this,” he said.
One user noted that regardless of how Gensler has treated the crypto industry, he is “generally disliked” as he has been “terrible with his current role” in the SEC.
Following Boring’s revelation, Bitcoiner Wayne Vaughan urged Harris to not consider the idea of giving Gensler the Treasury Secretary position. “Appointing him Treasury Secretary would trigger a significant backlash,” he warned.
Dear @KamalaHarris — Gary Gensler is perhaps the most reviled regulator in America. Donald Trump got thunderous applause at the Bitcoin Conference when he said he’d fire Gary Gensler. Appointing him Treasury Secretary would trigger a significant backlash.
— Wayne Vaughan (@WayneVaughan) August 27, 2024
Crypto’s Sour Relations with Gensler
Even before rumors of Gensler possibly being considered for the top role in the Treasury Department emerged, many crypto users have already expressed displeasure over how Gensler has been running the SEC.
During the Bitcoin 2024 conference, Republican presidential candidate Donald Trump was met with much gusto and applause when he said he will fire Gensler on his first day if he wins in November.
Crypto titans such as Coinbase and Ripple have been pushing back and fiercely fighting lawsuits filed by the SEC over alleged unregistered securities. Coinbase, in particular, has been advocating for crypto awareness among 2024 candidates. Earlier this month, the crypto exchange giant urged candidates to not neglect how young voters – many of whom are crypto holders – can impact the upcoming elections.
