{"id":12055,"date":"2025-05-14T13:44:36","date_gmt":"2025-05-14T11:44:36","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=12055"},"modified":"2025-05-14T13:44:36","modified_gmt":"2025-05-14T11:44:36","slug":"former-sec-chair-gary-gensler-had-a-confidential-affinity-for-cryptocurrency-claims-mchenry","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/05\/14\/former-sec-chair-gary-gensler-had-a-confidential-affinity-for-cryptocurrency-claims-mchenry\/","title":{"rendered":"Former SEC Chair Gary Gensler Had a Confidential Affinity for Cryptocurrency, Claims McHenry"},"content":{"rendered":"

<\/p>\n

\n

Former US Securities and Exchange Commission (SEC) Chair Gary Gensler might not have been as antagonistic toward crypto in private discussions as he seemed in public, as per former US Representative Patrick McHenry.<\/p>\n

During a May 13 guest spot on the Crypto in America<\/em> podcast, McHenry disclosed that in private encounters, Gensler articulated a far more intricate perspective on digital assets.<\/p>\n

\u201cDid he present himself, or was he as anti-crypto in private as he did publicly?\u201d McHenry was queried. His reply: \u201cNo\u2026 Nope.\u201d<\/p>\n

McHenry mentioned that Gensler \u201crecognized the significance of digital assets\u201d and acknowledged blockchain technology’s potential during his tenure at the Massachusetts Institute of Technology.<\/p>\n

Gerald Gallagher, general counsel at Sei Labs, also highlighted that Gensler contributed to the formation of the airdrop concept during his academic career, referring to it as a largely overlooked segment of his background.<\/p>\n

Nonetheless, once Gensler assumed the role of SEC chair, McHenry stated his position changed drastically. \u201cI held this odd, misguided, foolish belief that he wouldn\u2019t be that harmful as SEC chair,\u201d McHenry confessed. \u201cAnd I mean, just the extent of disappointment.\u201d<\/p>\n

Source: <\/em>Crypto in America<\/em><\/a><\/figcaption><\/figure>\n

Related: <\/strong><\/em>SEC chair proposes \u2018huge advantages\u2019 in agency\u2019s third crypto roundtable<\/strong><\/em><\/a><\/p>\n

Gensler\u2019s crypto position was \u201cambiguous\u201d<\/h2>\n

McHenry remarked that dialogues with Gensler regarding cryptocurrency regulation were frequently perplexing.<\/p>\n

He noted that discussions about legal frameworks and structures often began reasonably, but swiftly turned contradictory. He illustrated how Gensler would initially concur with specific points, only to later dismiss the very facts he had acknowledged just moments prior.<\/p>\n

According to McHenry, Gensler\u2019s public dissent may have been influenced more by \u201cSenate politics and confirmation politics than anything else.\u201d<\/p>\n

After leaving the SEC<\/a> on January 20, Gensler returned to the Massachusetts Institute of Technology to instruct on fintech and AI.<\/p>\n

Under Gensler\u2019s leadership, which commenced in 2021, the SEC adopted an assertive regulatory approach toward cryptocurrency, instigating over 100 regulatory actions against firms in the industry.<\/p>\n

This regulatory antagonism drew substantial scrutiny and backlash from industry executives.<\/p>\n

In December 2024, Coinbase CEO Brian Armstrong declared that the crypto exchange would cut ties with law firms employing former SEC officials involved in what he described as an endeavor to \u201cillegally decimate\u201d the crypto sector.<\/p>\n

\"\"
Source: <\/em>Brian Armstrong<\/em><\/a><\/figcaption><\/figure>\n

In January 2025, Gemini stated it wouldn\u2019t <\/a>employ any MIT graduates unless the institution removed Gensler from his instructional position.<\/p>\n

Magazine: <\/strong><\/em>Metrics indicate $250K Bitcoin is \u2018best scenario,\u2019 SOL, HYPE predicted for increases: Trade Secrets<\/strong><\/em><\/a><\/p>\n