{"id":23975,"date":"2025-05-14T13:10:24","date_gmt":"2025-05-14T10:10:24","guid":{"rendered":"https:\/\/forklog.com\/en\/former-congressman-reveals-genslers-private-support-for-cryptocurrencies\/"},"modified":"2025-05-14T13:10:24","modified_gmt":"2025-05-14T10:10:24","slug":"former-congressman-reveals-genslers-private-support-for-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/former-congressman-reveals-genslers-private-support-for-cryptocurrencies\/","title":{"rendered":"Former Congressman Reveals Gensler&#8217;s Private Support for Cryptocurrencies"},"content":{"rendered":"<p>Former U.S. Congressman Patrick McHenry stated that ex-SEC Chairman <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> Gary Gensler privately exhibited a more balanced view on cryptocurrencies than in his public statements. He shared this on the Crypto In America podcast.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">?SCOOP: <a href=\"https:\/\/twitter.com\/PatrickMcHenry?ref_src=twsrc%5Etfw\">@PatrickMcHenry<\/a> reveals that former SEC chief Gary Gensler was not as anti-crypto in private as he was in public. <\/p>\n<p>\u201cI think it had more to do with Senate politics, and confirmation politics.\u201d<\/p>\n<p>Full episode with the former Chair of <a href=\"https:\/\/twitter.com\/FinancialCmte?ref_src=twsrc%5Etfw\">@FinancialCmte<\/a> out tomorrow AM! <a href=\"https:\/\/t.co\/BHw7pRlRKG\">pic.twitter.com\/BHw7pRlRKG<\/a><\/p>\n<p>\u2014 Crypto In America (@CryptoAmerica_) <a href=\"https:\/\/twitter.com\/CryptoAmerica_\/status\/1922461836844077542?ref_src=twsrc%5Etfw\">May 14, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cDid he privately endorse cryptocurrencies as much as he publicly criticized them? No,\u201d McHenry responded to the host&#8217;s question.<\/em><\/p>\n<\/blockquote>\n<p>According to him, Gensler acknowledged the potential of digital assets and blockchain technology during private meetings, a subject he had previously researched at the Massachusetts Institute of Technology (MIT).<\/p>\n<p>Sei Labs&#8217; Chief Legal Officer Gerald Gallagher recalled that the former SEC head was involved in developing the concept of airdrops\u2014a topic that became a &#8220;forgotten page&#8221; of his academic career.<\/p>\n<p>However, after his appointment as Chairman of the Commission, Gensler&#8217;s stance became markedly stricter, McHenry noted.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cI naively thought he wouldn&#8217;t pressure the industry so aggressively. It was disappointing,\u201d McHenry admitted.<\/em><\/p>\n<\/blockquote>\n<p>He mentioned that discussions on regulatory frameworks with Gensler often turned into contradictory dialogues: the official would initially agree with arguments, only to later deny what was previously said.<\/p>\n<p>McHenry attributed the former SEC head&#8217;s tactics to &#8220;Senate politics and lobbying,&#8221; rather than a genuine position.<\/p>\n<p>On January 20, 2025, Gensler <a href=\"https:\/\/forklog.com\/en\/news\/gary-gensler-returns-to-mit-as-professor-after-leaving-sec\">stepped down<\/a> as Chairman of the agency and returned to MIT.<\/p>\n<p>During Gensler&#8217;s tenure, the SEC initiated over 100 lawsuits against crypto companies. The stringent regulatory approach led to conflict with the industry.<\/p>\n<p>In December 2024, Coinbase severed contracts with law firms employing former SEC staff.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">We&#8217;ve let all the law firms we work with know, that if they hire anyone who committed these bad deeds in the (soon to be) prior administration, we will no longer be a client of theirs.<\/p>\n<p>Senior partners at these law firms seem unaware of the crypto industry&#8217;s position on this.\u2026 <a href=\"https:\/\/t.co\/k8R6NtfTV1\">https:\/\/t.co\/k8R6NtfTV1<\/a> <a href=\"https:\/\/t.co\/RT0k408i9f\">pic.twitter.com\/RT0k408i9f<\/a><\/p>\n<p>\u2014 Brian Armstrong (@brian_armstrong) <a href=\"https:\/\/twitter.com\/brian_armstrong\/status\/1863774342267781222?ref_src=twsrc%5Etfw\">December 3, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In January 2025, Gemini announced a boycott of MIT graduates while Gensler teaches fintech and AI there.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">As long as <a href=\"https:\/\/twitter.com\/MIT?ref_src=twsrc%5Etfw\">@MIT<\/a> has any association with Gary Gensler, <a href=\"https:\/\/twitter.com\/Gemini?ref_src=twsrc%5Etfw\">@Gemini<\/a> will not hire any graduates from this school. Not even interns for our summer intern program. <a href=\"https:\/\/t.co\/fi0WMIVCLp\">https:\/\/t.co\/fi0WMIVCLp<\/a><\/p>\n<p>\u2014 Tyler Winklevoss (@tyler) <a href=\"https:\/\/twitter.com\/tyler\/status\/1884770449029992779?ref_src=twsrc%5Etfw\">January 30, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In April 2025, the former SEC head <a href=\"https:\/\/forklog.com\/en\/news\/former-sec-chair-declares-bitcoin-the-sole-worthwhile-crypto-asset\">stated<\/a> that the vast majority of cryptocurrencies lack real economic foundation. He emphasized that Bitcoin remains the only valuable asset.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Former U.S. Congressman Patrick McHenry stated that ex-SEC Chairman SEC Gary Gensler privately exhibited a more balanced view on cryptocurrencies than in his public statements. He shared this on the Crypto In America podcast. ?SCOOP: @PatrickMcHenry reveals that former SEC chief Gary Gensler was not as anti-crypto in private as he was in public. \u201cI [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":23974,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1269,1181,1138],"class_list":["post-23975","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrencies","tag-gary-gensler","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"27","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/23975","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=23975"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/23975\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/23974"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=23975"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=23975"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=23975"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}