Source: Cointelegraph
Original: “McHenry: Former SEC Chair Gary Gensler Supported Cryptocurrency in Private”
According to former U.S. Congressman Patrick McHenry, former SEC Chair Gary Gensler's attitude towards cryptocurrency in private may not be as hostile as he appears in public.
In the May 13 episode of the "American Cryptocurrency" podcast, McHenry revealed that in a private meeting with Gensler, the former regulator expressed a more nuanced position on digital assets.
When asked, "Does he oppose cryptocurrency in private as he does in public?" McHenry replied clearly, "No… no."
McHenry pointed out that Gensler "saw the value of digital assets" and acknowledged the potential of blockchain technology during his tenure at the Massachusetts Institute of Technology.
Gerald Gallagher, Chief Legal Officer of Sei Labs, also emphasized that Gensler was involved in developing the concept of airdrops in his academic work, calling it a forgotten chapter in his background.
However, once Gensler became SEC Chair, McHenry stated that his position underwent a dramatic shift. "I had this strange, mistaken, foolish belief that he wouldn't be that bad as SEC Chair," McHenry admitted. "I mean, the level of disappointment is just unbelievable."
McHenry noted that discussions with Gensler about cryptocurrency regulation were often confusing.
McHenry explained that conversations with Gensler about legal frameworks and content structures would start reasonably but quickly became contradictory. He described how Gensler initially agreed with certain points but then denied the very facts he had just acknowledged.
According to McHenry, Gensler's public opposition may be shaped more by "Senate politics and confirmation politics" than by other factors.
After leaving the SEC on January 20, Gensler returned to MIT to teach courses on fintech and artificial intelligence.
During Gensler's tenure, which began in 2021, the SEC took an aggressive regulatory stance towards cryptocurrency, initiating up to 100 regulatory actions against industry companies.
This regulatory hostility also subjected Gensler and his team to intense scrutiny and strong opposition from industry leaders.
In December 2024, Coinbase CEO Brian Armstrong announced that the cryptocurrency exchange would sever ties with a law firm employing former SEC officials, whom he claimed were involved in efforts to "illegally stifle" the cryptocurrency industry.
Source: Brian Armstrong
In January 2025, Gemini also stated that they would not hire any graduates from MIT unless the university lifted Gensler's teaching position.
Related: U.S. Sounds Alarm on OpenAI's Cryptocurrency Project World
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