Congressman Exposes Gary Gensler’s Crypto Crackdown as Political Theater
SEC Chair’s tough-on-crypto stance was just smoke and mirrors, says lawmaker—while Wall Street quietly bags the real profits.
Behind the regulatory bluster? A calculated performance that did little to rein in the wild west of finance. Meanwhile, institutional players keep stacking digital assets off-book.
Another case of regulators playing bad cop while the system keeps cashing checks.
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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.
