In a recent discussion, Sheila Warren, CEO of the Crypto Council for Innovation, spoke about the potential implications if Vice President Kamala Harris were to win the November presidential election. In an interview with The Paul Barron Network, when asked about the future of Senator Elizabeth Warren’s position on the Senate Banking Committee and the fate of SEC Chairman Gary Gensler, Warren clarified a few points.
First, she said that the SEC is supposed to be an independent, impartial agency. However, under Gensler’s leadership, it has become increasingly politicized, a development that has frustrated many across industries, not just the cryptocurrency space. This shift in the SEC’s role has made Gensler unpopular with a wide range of industry players, including exchanges and other financial entities, who feel victimized by his aggressive regulatory stance.
Warren speculated that regardless of whether Harris or a Republican candidate wins the presidency, there will likely be a change in leadership at the SEC. She said Gensler’s unpopularity is widespread, making his continuation as SEC chairman uncertain. Traditionally, a new president often leads to a change in the SEC chairman, especially if the chairman was appointed by the previous administration.
If elected, Harris is expected to push through changes in several areas of government, including national security and antitrust, that could extend to the SEC. While Gensler’s term officially runs through 2026, Warren pointed out that the pressure could lead to his resignation or a demotion to a commissioner within the SEC.
They also discussed the broader impact of Gensler’s tenure. His tough regulatory approach has not only drawn criticism, but has also prompted Congress to engage in more active discussions about cryptocurrency regulation.
She said: “The reality is that Gary Gensler has politicized the agency, which is a huge problem. So I think it would be shocking if, especially if Trump wins, we have a change there. If Harris wins, I actually think we’ll still have a change there, because the reality, and what I think people are missing in crypto, is that Gary Gensler is unpopular across a broad spectrum of industry players, not just crypto.”
