Gary Gensler’s Anti-Crypto Crusade Was All for Show, According to Congressman

According to former Congressman Patrick McHenry, Gary Gensler’s hardline stance against crypto was more political theater than personal conviction.

In a recent podcast appearance, McHenry claimed that Gensler — while leading the U.S. Securities and Exchange Commission — privately acknowledged the value of digital assets and even supported innovations like token airdrops. But publicly, Gensler took a much tougher tone, which McHenry says was driven by pressure from progressive figures in the Senate and the demands of political survival.

McHenry believes this duality distorted crypto regulation and eroded trust in the SEC. He accused Gensler of misleading Congress during hearings on Ethereum’s status, despite the agency allegedly having an internal stance classifying ETH as a security.

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The former lawmaker also criticized Senator Elizabeth Warren’s vocal opposition to crypto, suggesting it’s rooted in ideological bias rather than technical understanding.

Gensler, who will step down in January 2025, has stood by his view that most digital assets violate securities laws. Still, under his leadership, the SEC greenlit spot Bitcoin ETFs, including those from BlackRock, signaling a rare moment of openness amid an otherwise adversarial tenure.

McHenry sees the incoming leadership shift — with crypto-friendly Paul Atkins set to take over — as a chance to rebuild a more rational regulatory environment that won’t stifle innovation.

Alexander Stefanov