Gensler’s Crypto Two-Face: Pro-Blockchain in Private, Attack Dog in Public
Former Rep. Patrick McHenry just dropped a bomb on the Crypto in America podcast: behind closed doors, ex-SEC Chair Gary Gensler was a crypto fan. He praised blockchain innovation, hyped digital assets, and even helped shape the idea of airdrops back at MIT.
But from 2021 to early 2025, as head of the SEC? He led an all-out crackdown on the industry — over 100 regulatory actions. McHenry says the switch-up may have been politically motivated, especially with Gensler eyeing Senate confirmation and playing the Washington game.
After stepping down, Gensler returned to teach fintech and AI at MIT — but not before catching serious heat from crypto leaders like Brian Armstrong (Coinbase) and the Winklevoss twins (Gemini), who blasted his harsh approach.
It’s wild: the guy cheering crypto in private became its loudest critic in public. If McHenry’s right, Gensler understood the tech but got boxed in by politics. And that regulatory whiplash? It probably cost the U.S. some serious innovation.
Imagine what could’ve happened if he’d aligned his public policy with his private passion. Maybe we’d have clear, balanced rules by now.
Let’s hope the next wave of regulators brings clarity — not chaos.
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