Gary Gensler Exposed: Secret Crypto Support, Public Crackdown – McHenry Explains

Former House Financial Services Committee Chair Patrick McHenry revealed that SEC Chair Gary Gensler privately endorsed cryptocurrency as "valuable" while publicly leading a regulatory crackdown. This duality has eroded trust in the SEC’s approach to digital assets, with over 100 enforcement actions stalling U.S. innovation as competing nations advance.

McHenry’s disclosure during the crypto in America podcast highlights a stark contradiction between Gensler’s private views and public stance. Where the SEC chair warned investors of crypto risks and pursued aggressive litigation, he simultaneously acknowledged the technology’s potential behind closed doors.

The regulatory uncertainty under Gensler’s tenure created a chilling effect on domestic crypto development. Market participants now look to the SEC’s new leadership for clearer frameworks developed through industry collaboration rather than enforcement-first tactics.