Behind Closed Doors Gensler Was Not Anti Crypto: McHenry
The post Behind Closed Doors Gensler Was Not Anti Crypto: McHenry appeared on BitcoinEthereumNews.com. Former US Representative Patrock McHenry suggested that Gensler’s public hostility was politically motivated. Meanwhile, Senators Cynthia Lummis and Bernie Moreno are pushing the Treasury Department to revise corporate crypto tax rules, and warned that taxing unrealized gains on digital assets harms US competitiveness. Also in the US, Sam Altman’s Worldcoin project is facing more backlash over privacy concerns as it rolls out iris-scanning verification hubs in the country. The patchwork of state biometric laws is also making things more difficult for the project to gain traction. Gensler Accused of Playing Politics on Crypto Former US Securities and Exchange Commission (SEC) Chair Gary Gensler may have had a much more favorable view of crypto in private than his public actions suggested. This is according to former US Representative Patrick McHenry. On the Crypto in America podcast on May 13, McHenry recounted some of his private interactions with Gensler, and revealed that the former SEC chair expressed a nuanced understanding of digital assets behind closed doors. “Did he come across, or was he as anti-crypto in private as he was in public?” McHenry was asked. “No… Nope,” he responded, adding that Gensler “saw the value of digital assets” and acknowledged the promise of blockchain technology, particularly during his academic tenure at the Massachusetts Institute of Technology. Former US Representative Patrick McHenry Gerald Gallagher, general counsel at Sei Labs, supported this view by pointing out Gensler’s lesser-known academic contributions, including his involvement in shaping the concept of the airdrop. Despite these insights, McHenry said he was dismayed by the shift in Gensler’s posture once he assumed leadership at the SEC in 2021. During his tenure, Gensler spearheaded more than 100 enforcement actions against crypto companies, which is a strategy that drew widespread criticism from industry leaders and politicians. McHenry described discussions with Gensler…
The post Behind Closed Doors Gensler Was Not Anti Crypto: McHenry appeared on BitcoinEthereumNews.com.
Former US Representative Patrock McHenry suggested that Gensler’s public hostility was politically motivated. Meanwhile, Senators Cynthia Lummis and Bernie Moreno are pushing the Treasury Department to revise corporate crypto tax rules, and warned that taxing unrealized gains on digital assets harms US competitiveness. Also in the US, Sam Altman’s Worldcoin project is facing more backlash over privacy concerns as it rolls out iris-scanning verification hubs in the country. The patchwork of state biometric laws is also making things more difficult for the project to gain traction. Gensler Accused of Playing Politics on Crypto Former US Securities and Exchange Commission (SEC) Chair Gary Gensler may have had a much more favorable view of crypto in private than his public actions suggested. This is according to former US Representative Patrick McHenry. On the Crypto in America podcast on May 13, McHenry recounted some of his private interactions with Gensler, and revealed that the former SEC chair expressed a nuanced understanding of digital assets behind closed doors. “Did he come across, or was he as anti-crypto in private as he was in public?” McHenry was asked. “No… Nope,” he responded, adding that Gensler “saw the value of digital assets” and acknowledged the promise of blockchain technology, particularly during his academic tenure at the Massachusetts Institute of Technology. Former US Representative Patrick McHenry Gerald Gallagher, general counsel at Sei Labs, supported this view by pointing out Gensler’s lesser-known academic contributions, including his involvement in shaping the concept of the airdrop. Despite these insights, McHenry said he was dismayed by the shift in Gensler’s posture once he assumed leadership at the SEC in 2021. During his tenure, Gensler spearheaded more than 100 enforcement actions against crypto companies, which is a strategy that drew widespread criticism from industry leaders and politicians. McHenry described discussions with Gensler…
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