Gary Gensler’s public image was that of a staunch crypto critic. But, according to a recent revelation, the former SEC chairman may have had a hidden hand supporting the industry. Rep. Patrick McHenry revealed on the Crypto in America podcast that private conversations with Gensler suggest he wasn’t as anti-crypto as his public stance would indicate. He expressed doubt about Gensler’s unwavering opposition to crypto throughout their interactions. This surprising turn of events challenges our understanding of the former SEC Chair and his impact on the crypto industry. Gensler’s background paints a different picture. His MIT academic career showcased a positive view of blockchain innovation and even contributed to airdrop concepts. However, as SEC chair, his stance shifted dramatically. Under Gensler’s leadership, the SEC aggressively pursued enforcement actions against prominent crypto companies like Coinbase and Binance. This aggressive approach resulted in over 100 legal cases without clear regulatory frameworks. The result was investor uncertainty, marked by significant price drops and a decline in confidence. Instead of clarifying how digital assets fit into existing laws, the SEC relied on the antiquated Howey Test framework, unsuitable for decentralized tokens. Consequently, a regulatory grey zone emerged, leaving crypto projects exposed to either unexpected enforcement or forced relocation from the U.S. The industry responded with force. Major crypto companies like Coinbase and Gemini moved operations abroad in protest of the SEC’s actions. Brian Armstrong, CEO of Coinbase, cut ties with law firms connected to former SEC officials accusing them of aiming to “unlawfully kill” the industry. A similar move was made by Gemini, which decided not to hire MIT graduates unless the university dropped Gensler from its faculty list. Gensler’s legacy remains a subject of debate. Will his past as a blockchain supporter overshadow his regulatory actions? Only time will tell how he’ll be remembered in the crypto space.