Gensler to Treasury? Custodia Bank Founder Cries Foul, Hints at Chairman’s Political Gamesmanship

A potential power play or a phantom menace? Rumors swirling around SEC Chair Gary Gensler potentially taking the reins of the Treasury Department under a hypothetical Harris administration have been forcefully dispelled by Custodia Bank founder Caitlin Long, who, citing insider information, suggests the source of the speculation might be Gensler himself, engaging in a bit of strategic mischief-making.

The crypto sphere was abuzz with speculation on Monday over rumors that Securities and Exchange Commission Chairman might be tapped for the Treasury Secretary position under a potential Harris administration. This fueled anxiety within the industry, given Gensler’s often-adversarial approach to crypto regulation. However, Long, founder and CEO of Custodia Bank and a key figure in the crypto world, quickly moved to quell the rumors, adding her own intriguing take on their origins.

On Monday, Long took to X, formerly known as Twitter, to share information she received from within the Democratic party. “OK, multiple Dems contacted me to say the “Gensler as Treasury Secretary” rumor is false,” Long wrote, directly contradicting the circulating reports that suggested Vice President Kamala Harris was likely to nominate Gensler for the influential role if elected president.

But Long didn’t stop there. In a twist that added fuel to the speculative fire, she offered a possible explanation for the genesis of the rumor: “One thinks the source of the rumor is Gensler himself — (thinks he planted it just to mess with all of us…that sounds about right TBH)🤷‍♀️.”

This insinuation, while unsubstantiated, painted a picture of Gensler as a savvy political player, willing to utilize rumors and speculation to potentially further his own agenda. Whether true or not, Long’s accusation added a layer of intrigue to the situation, prompting questions about Gensler’s motivations and the power dynamics at play within the financial regulatory landscape.

The entire episode underscores the deep-seated anxieties felt within the crypto space regarding the future of regulation. Gensler’s tenure at the SEC has been marked by numerous enforcement actions and a generally skeptical stance towards the industry. The mere possibility of him ascending to the Treasury Department, even if unfounded, was enough to send ripples of concern through the crypto community.

For now, the rumors of Gensler’s move to Treasury appear to be just that – rumors. However, Long’s intervention, with her insider information and pointed speculation, ensured that this story won’t fade quietly into the background. Instead, it will likely continue to fuel discussions about regulatory uncertainty and the complex relationship between the crypto industry and the government officials tasked with overseeing its development.

Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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