Amid the fervor of the upcoming election, the political and financial environment may soon converge dramatically. Senior Senate staffers have reportedly hinted that Vice President Kamala Harris, if victorious in November, plans to nominate Gary Gensler as US Treasury Secretary.

The US Treasury Secretary’s position holds immense power, akin to the country’s chief financial officer.

Gensler, currently chairman of the Securities and Exchange Commission (SEC), has made waves in regulatory circles. He is known for his stringent enforcement actions, particularly against the crypto sector.

Critics decry the stifling of innovation due to his regulation-by-enforcement approach. Particularly, Rep. Tom Emmer has been vocal about his concerns.

“Gary Gensler has been bringing lawsuits all over the place — and losing. His time has passed. Gary Gensler needs to move on. His career in government should be over,” Emmer told the Washington Reporter.

Read more: Who Is Gary Gensler? Everything To Know About the SEC Chairman

Despite these criticisms, Gensler enjoys substantial support from his Democratic colleagues. Key confirmation votes are expected from Reps. Elissa Slotkin (D., Mich.) and Ruben Gallego (D., Ariz.), who, have allegedly maintained anti-cryptocurrency stances.

Moreover, there is speculation about pre-election strategic shifts within the Democratic Party. Rumors suggest Gensler might step down from the SEC to allow President Joe Biden to nominate a successor who would preserve a Democratic majority at the commission into the next term. This move is seen as a counterstrategy to a potential Republican presidency.

Nonetheless, the crypto community is particularly uneasy about the rumors of Gensler’s promotion.

“If true, this would basically end crypto in the US, and we might as well flee the country now,” Ryan Adams, the founder of Bankless, said.

However, some are skeptical of these rumors. Caitlin Long, founder of Custodian Bank, has highlighted assurances from several Democratic leaders that the rumors are baseless. Nevertheless, the absence of a clear denial of the nomination from Harris’s camp leaves room for ongoing speculation and concern.

“That said, since we have nothing from Kamala telling us she wouldn’t nominate a Gary we can’t entirely rule it out. There’s been ample opportunity to extend an olive branch to crypto…they’ve given nothing,” Adams elaborated.

As the election approaches, with Harris and Donald Trump neck-and-neck in prediction markets like Polymarket, the potential appointment of Gensler stands as a significant point of contention. According to Polymarket, the odds of Donald Trump winning the election stand at 49%, whereas Kamala Harris has a 50% likelihood of becoming the US President.

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

Nearly $650 million in bets are riding on the outcome of the election, underlining the high stakes involved.