Patrick McHenry, former US Representative, stated that Gary Gensler, the ex-chair of the SEC, had a more favorable view of cryptocurrencies in private conversations compared to his public stance. In a podcast interview on May 13, McHenry recounted that Gensler acknowledged the value and potential of digital assets during private meetings, an opinion that contradicted his public persona of aggressive regulation. After noting Gensler's earlier engagement with blockchain technology at MIT, McHenry expressed disappointment at the contrasting regulatory approach Gensler adopted as SEC chair, which began in 2021. He characterized conversations with Gensler about crypto regulation as often confusing, with Gensler frequently reversing his position on previously agreed points. McHenry suggested that Gensler's public opposition was influenced more by political factors than true conviction. Under Gensler, the SEC launched numerous regulatory actions against the crypto industry, leading to significant backlash from industry leaders. Notably, Coinbase's CEO announced a disassociation with law firms tied to former SEC officials, implying an effort to undermine the crypto sector.

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