Gary Gensler, once hailed as the crypto industry’s most formidable adversary, may not have been the enemy many believed him to be. A new revelation from U.S. Representative Patrick McHenry suggests the former SEC Chair’s private views on crypto starkly contrasted with his public persona.

Speaking on the Crypto in America podcast, McHenry described Gensler’s stance behind closed doors as “confusing,” stating outright that he was not as anti-crypto in private as he appeared. This contradiction adds a new layer to the narrative surrounding Gensler, who, during his tenure at MIT, spoke positively about blockchain innovation and even supported early airdrop mechanisms.

Yet, upon taking the helm of the SEC in 2021, Gensler adopted a much tougher posture. His administration launched over 100 enforcement actions targeting major players like Coinbase and Binance, often without providing a clear legal path for compliance. These surprise crackdowns triggered substantial market volatility, with one study reporting average price drops of over 17% within a month of such actions.

Critics argue the SEC, under Gensler, failed to modernize its regulatory framework, instead leaning on outdated tools like the Howey Test. This left many crypto projects operating in legal limbo, prompting an exodus from the U.S. market. Companies like Coinbase and Gemini voiced their frustration, with the latter even boycotting MIT hires in protest of Gensler’s continued faculty role.

Now, with a more crypto-friendly administration in Washington, Gensler’s dual legacy is under renewed scrutiny. Was he a closet supporter bound by political constraints, or a regulator whose actions undermined the very innovation he once praised?

As the industry navigates its next chapter, Gensler’s legacy remains a complex and pivotal part of the story.