Former Congressman Patrick McHenry stated that Gary Gensler, who led the US Securities and Exchange Commission (SEC), may have held a more balanced view on cryptocurrency in private than he did in his public role.
Speaking on the Crypto in America podcast on May 13, McHenry shared details about his earlier conversations with the former SEC chair.
When asked directly if Gensler seemed anti-crypto in private meetings, McHenry replied, “No… Nope”.
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He went on to explain that in one-on-one conversations, Gensler often recognized the value of blockchain and digital assets. McHenry said Gensler’s time at MIT gave him a solid understanding of the industry, and that he had once viewed digital assets as a promising development in finance.
Gerald Gallagher, general counsel at Sei Labs, added that Gensler’s academic work included contributions to the idea of the “airdrop”, a method for distributing crypto tokens.
Still, McHenry said he was surprised by how Gensler changed once he became SEC chair. He admitted he had wrongly assumed that Gensler would take a more balanced approach.
McHenry described conversations with Gensler during his time at the SEC as confusing. He said discussions would often begin with agreement, only for Gensler to walk back his earlier points later in the same meeting. McHenry noted that this made it difficult to reach clear decisions on crypto regulation.
In McHenry’s view, Gensler’s actions were shaped by “Senate politics and confirmation politics”, rather than his own understanding of the technology.
Meanwhile, SEC Chair Paul Atkins recently discussed how blockchain technology could create new methods for managing investments. What did he say? Read the full story.
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