On August 20, in response to the Washington Reporter's report that "if Harris is elected, Gary Gensler may be nominated as Treasury Secretary", Bloomberg ETF analyst Eric Balchunas commented that although Gensler did work for the Treasury Secretary in the Clinton cabinet, he still believes that this is a completely fabricated rumor. Balchunas also mentioned that the source of this rumor may be Republican Representative Tom Emmer: "If you are a Republican and want to help consolidate votes from the cryptocurrency community, it is hard to think of anything more terrifying than Gensler gaining more power. Even if it is not true, it is very damaging."