Michaela
Former Representative Patrick McHenry has revealed that Gary Gensler, former chair of the U.S. Securities and Exchange Commission (SEC), privately expressed support for cryptocurrency—even as his public actions painted a far more hostile picture.
In a May 13 episode of the Crypto in America podcast, McHenry stated that Gensler conveyed a more nuanced perspective on digital assets in private than his public comments suggested. When asked whether the former SEC chair was as openly critical of crypto behind closed doors as he appeared in public, McHenry responded succinctly, “Nope.”
McHenry noted that during his tenure at Massachusetts Institute of Technology (MIT), Gensler recognized the potential of blockchain technology and expressed an appreciation for the value digital assets could bring to financial systems.
According to McHenry, Gensler’s approach to cryptocurrency changed significantly after taking on the role of SEC chair. “I had this weird, mistaken, stupid belief that he wouldn’t be that bad as SEC chair,” McHenry stated. “And I mean, just the level of dismay,” he added.
The Former Representative described his regulatory discussions with Gensler as frequently perplexing. According to McHenry, conversations around legal frameworks and structural issues often began constructively but soon turned contradictory. He noted that the former SEC chair would initially appear to agree on key points, only to later reverse his position on the same issues.
Additionally, McHenry suggested that Gensler’s hardline public stance on crypto may have been influenced more by political dynamics than by his personal views on the technology.
During Gensler’s time as chair of the SEC, the agency adopted a markedly aggressive approach to regulating the crypto sector—an approach that drew sharp criticism from industry leaders and lawmakers alike.
The SEC’s string of enforcement actions and Gensler’s refusal to offer clear regulatory guidance fostered a tense relationship between his administration and digital asset firms, fueling widespread frustration over what many saw as regulation by enforcement rather than collaboration.
As debates over crypto regulation continue to shape the future of finance, the contrast between private viewpoints and public policy underscores the ongoing need for greater transparency and consistency in how digital assets are governed.
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Michaela 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 Magazine and The Shib Daily are the official media and publications 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.
