{"id":129208,"date":"2025-05-14T08:16:02","date_gmt":"2025-05-14T08:16:02","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=129208"},"modified":"2025-05-14T08:16:02","modified_gmt":"2025-05-14T08:16:02","slug":"ex-sec-chair-gary-gensler-privately-supported-crypto-mchenry","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=129208","title":{"rendered":"Ex-SEC chair Gary Gensler privately supported crypto \u2014 McHenry"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsFormer US Securities and Exchange Commission (SEC) Chair Gary Gensler may not have been as hostile to crypto behind closed doors as he appeared in public, according former to US Representative Patrick McHenry.<br \/>\nIn a May 13 appearance on the Crypto in America podcast, McHenry revealed that during private meetings with Gensler, the former regulator expressed a far more nuanced view of digital assets.<br \/>\n\u201cDid he come across, or was he as anti-crypto in private as he did in public?\u201d McHenry was asked. His response: \u201cNo\u2026 Nope.\u201d<br \/>\nMcHenry noted that Gensler \u201csaw the value of digital assets\u201d and acknowledged the potential of blockchain technology during his time at the Massachusetts Institute of Technology.<br \/>\nGerald Gallagher, general counsel at Sei Labs, also noted that Gensler played a role in developing the concept of the airdrop during his academic work, calling it a largely forgotten chapter in his background.<br \/>\nHowever, once Gensler became SEC chair, McHenry said, his stance shifted dramatically. \u201cI had this weird, mistaken, stupid belief that he wouldn\u2019t be that bad as SEC chair,\u201d McHenry admitted. \u201cAnd I mean, just the level of dismay.\u201d<br \/>\nSource: Crypto in AmericaRelated: SEC chair suggests \u2018huge benefits\u2019 in agency\u2019s third crypto roundtable<br \/>\nGensler\u2019s crypto stance was \u201cconfusing\u201d<br \/>\nMcHenry said discussions with Gensler on crypto regulation were often confusing.<br \/>\nMcHenry explained that conversations with Gensler about legal frameworks and content structures often started off as reasonable, but quickly became contradictory. He described how Gensler would initially agree with certain points, only to later reject the same facts he had acknowledged moments earlier.<br \/>\nAccording to McHenry, Gensler\u2019s public opposition may have been shaped more by \u201cSenate politics and confirmation politics than anything else.\u201d<br \/>\nAfter departing the SEC on Jan. 20, Gensler returned to the Massachusetts Institute of Technology to teach fintech and AI.<br \/>\nUnder Gensler\u2019s tenure, which started in 2021, the SEC took an aggressive regulatory stance toward crypto, bringing upward of 100 regulatory actions against industry companies.<br \/>\nThe regulatory hostility has also caused Gensler and his team much scrutiny and backlash from industry leaders.<br \/>\nIn December 2024, Coinbase CEO Brian Armstrong announced that the crypto exchange would sever ties with law firms employing former SEC officials involved in what he said was an effort to\u00a0\u201cunlawfully kill\u201d\u00a0the crypto industry.<br \/>\nSource: Brian ArmstrongIn January 2025, Gemini also said it won\u2019t be hiring any graduates from MIT unless the university drops former Gensler from his teaching role.<br \/>\nMagazine: Metric signals $250K Bitcoin is \u2018best case,\u2019 SOL, HYPE tipped for gains: Trade Secrets<a href=\"https:\/\/cointelegraph.com\/news\/gary-gensler-privately-backed-crypto-mchenry-claims?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsFormer US Securities and Exchange Commission (SEC) Chair Gary Gensler may not have been as hostile to crypto behind closed doors as he appeared in public, according former&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129208"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=129208"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129208\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=129208"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=129208"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=129208"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}