However, once Gensler became SEC chair, McHenry said, his stance shifted dramatically. “I had this weird, mistaken, stupid belief that he wouldn’t be that bad as SEC chair,” McHenry admitted.

Patrick McHenry, the former chair of the U.S. House Committee on Financial Services, revealed on May 14 that former SEC chief Gary Gensler was not as anti-crypto in private as he was in public.