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Ex-SEC Chair Gary Gensler privately supported crypto — McHenry

Former US Securities and Exchange Commission (SEC) Chair Gary Gensler may not have been as hostile to crypto behind closed doors as he appeared to be in public, according to former US Representative Patrick McHenry.

In a May 13 appearance on the Crypto in America podcast, McHenry revealed that during private meetings with Gensler, the former regulator expressed a far more nuanced view of digital assets.

“Did he come across, or was he as anti-crypto in private as he did in public?” McHenry was asked. His response: “No… Nope.”

McHenry noted that Gensler “saw the value of digital assets” and acknowledged the potential of blockchain technology during his time at the Massachusetts Institute of Technology.

Gerald Gallagher, general counsel at Sei Labs, also noted that Gensler played a role in developing the concept of the airdrop during his academic work, calling it a largely forgotten chapter in his background.

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. “And I mean, just the level of dismay.”

Ex-SEC Chair Gary Gensler privately supported crypto — McHenry
Source: Crypto in America

Related: SEC chair suggests ‘huge benefits’ in agency’s third crypto roundtable

Gensler’s crypto stance was “confusing”

McHenry said discussions with Gensler on crypto regulation were often confusing.

McHenry said conversations with Gensler about legal frameworks and content structures often started off as reasonable, but quickly became contradictory. He described how Gensler would initially agree with certain points, only to later reject the same facts he had acknowledged moments earlier.

According to McHenry, Gensler’s public opposition may have been shaped more by “Senate politics and confirmation politics than anything else.”

After departing the SEC on Jan. 20, Gensler returned to the Massachusetts Institute of Technology to teach fintech and AI.

Under Gensler’s tenure, which started in 2021, the SEC took an aggressive regulatory stance toward crypto, bringing upward of 100 regulatory actions against industry companies.

The regulatory hostility caused Gensler and his team much scrutiny and backlash from industry leaders.

In December 2024, Coinbase CEO Brian Armstrong announced that the crypto exchange would sever ties with law firms employing former SEC officials involved in what he said was an effort to “unlawfully kill” the crypto industry.

Ex-SEC Chair Gary Gensler privately supported crypto — McHenry
Source: Brian Armstrong

In January 2025, Gemini said it wouldn’t hire any MIT graduates unless the university dropped Gensler from his teaching role.

Magazine: Metric signals $250K Bitcoin is ‘best case,’ SOL, HYPE tipped for gains: Trade Secrets

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Conservative Party pledges £1.6bn ICE-style ‘removals force’ to detain and deport illegal migrants

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Conservative Party pledges £1.6bn ICE-style 'removals force' to detain and deport illegal migrants

The Conservatives are pledging to create a new “removals force” to detain and remove 150,000 a year as part of a broad plan to tackle illegal immigration to the UK.

Modelled on the “successful approach” of the US Immigrations and Customs Enforcement (ICE) agency, this new force would be given “sweeping new powers”, and over £1bn in new funding.

The pledge is part of the Conservative Party’s broad new plans to stop illegal migration to the UK, set to be unveiled by Kemi Badenoch on the first day of their annual conference on Sunday, where reducing immigration and creating “Strong Borders” will be one of the key themes.

The new “Removals Force” that she will unveil will replace the existing Home Office Immigration Enforcement (IE) and will be given broad new powers, including being able to use facial recognition without warning in order to spot illegal immigrants.

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Sam and Anne discuss how comments made by their leader will be received by Conservatives ahead of their conference.

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It will be given funding of £1.6bn a year, up from the existing £820 million a year, to increase the number of removals annually from 34,000 to 150,000 – which would represent “at least 750,000 removals” across a five-year parliament.

The Tories say this increase in funding would come from the closure of asylum hotels and “tackling the wider costs of our out-of-control asylum system”.

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However, ICE in the US has been heavily criticised by politicians and the public in recent months, with the agency accused of arresting both legal migrants and US citizens and targeting people based on their race.

Expanding the use of live facial recognition technology is also likely to attract criticism from within the Tory party itself, on the grounds of it being a threat to individual freedom and privacy.

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Sky News’ Mark Stone speaks to an undocumented migrant living in fear of detention and deportation in the US.

Tories to withdraw from multiple conventions

In addition to confirming plans to leave the European Convention on Human Rights (ECHR), announced on Saturday, Ms Badenoch will also vow to fully repeal the Human Rights Act, and leave the Council of Europe Convention on Action Against Trafficking in Human Beings.

This, the Tories say, would “end the legal blocks that allow illegal immigrants, and in some cases foreign criminals, to stay in the UK based on flimsy claims”.

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The clamour from the right for the UK to withdraw from the European Convention on Human Rights has been growing – would it make a difference?

A radical overhaul of the asylum system would see refugee status granted only to those threatened by a foreign government, and those fleeing conflict or “less tolerant” laws on religion or sexuality would not be eligible, with the party saying “few people will qualify”.

The plan will also see the immigration tribunal abolished, with all decisions on migration taken by the Home Office with only limited rights of appeal in cases where officials have acted without statutory authority.

Immigration cases will be denied legal aid, with the Tories accusing solicitors of having “defrauded” the UK by “coaching” applicants and arguing there is “no need for lawyers” as people “should simply tell the truth about their circumstances”.

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Prime minister rules out leaving ECHR

‘Labour is fixing the Tories’ mess’

The plans come as Ms Badenoch faces continued pressure on her right flank from Reform UK, which has already pledged to leave the ECHR and deport up to 600,000 people over five years if it comes to power.

But the party leader said the plans put forward by Nigel Farage’s party are “nothing but announcements that fall apart on arrivals”.

She also said the Labour government offers “failed gimmicks”, adding: “Our Stronger Borders plan is serious and credible and backed by a comprehensive legal analysis. That is the difference the next Conservative government will deliver.”

A Labour Party spokesperson said: “The Conservatives’ message on immigration is: we got everything wrong, we won’t apologise, now trust us.

“It won’t wash – Kemi Badenoch’s party enabled record high net migration as removals plummeted, opened over 400 asylum hotels and wasted £700 million of taxpayers’ money to send just four volunteers to Rwanda.

“This Labour government is fixing the Tories’ mess by smashing the people-smuggling gangs running the vile small boats trade, closing asylum hotels, deporting foreign criminals and signing international returns deals to bring order to Britain’s borders.”

Hear more about the plans from shadow home secretary Chris Philp, live at the Conservative Party Conference in Manchester on Sunday Morning With Trevor Phillips from 8.30am.

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Bankman-Fried says his biggest mistake was handing FTX to new CEO before bankruptcy

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Bankman-Fried says his biggest mistake was handing FTX to new CEO before bankruptcy

Bankman-Fried says his biggest mistake was handing FTX to new CEO before bankruptcy

Sam Bankman-Fried claimed that handing over FTX to its current CEO was the “single biggest mistake” that prevented him from saving the exchange.

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Kemi Badenoch says Tories will quit ECHR if they win next election

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Kemi Badenoch says Tories will quit ECHR if they win next election

The Conservative Party will leave a key human rights treaty if it wins the election, its leader Kemi Badenoch has said.

Ms Badenoch announced the policy to leave the European Convention on Human Rights (ECHR) ahead of the Conservative Party’s conference next week.

Despite many Tory MPs having expressed displeasure with the treaty, and the court that upholds treaty rights in recent years, it had not been party policy for the UK to exit it.

The move follows a review on the impact of the UK’s ECHR membership conducted by shadow attorney general Baron Wolfson.

Lord Wolfson’s nearly 200-page report said the ECHR had impacted government policy in numerous areas.

The report said this includes limiting government’s ability to address immigration issues, potentially hampering restrictions on climate change policy, and impacting government ability to prioritise British citizens for social housing and public services.

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But leaving the ECHR would “not be a panacea to all the issues that have arisen in recent years”, Lord Wolfson said.

It comes after the Reform Party in August said they would take the UK out of the ECHR if elected.

The Conservatives have increasingly come under threat from Reform and are being trailed in the polls by them.

What is the ECHR?

The ECHR was established in the 1950s, drafted in the aftermath of the Second World War and the Holocaust, to protect people from serious human rights violations, with Sir Winston Churchill as a driving force.

It’s 18 sections guarantee rights such as the right to life, the prohibition of torture, the right to a fair trial, the right to private and family life and the right to freedom of expression.

It has been used to halt the deportation of migrants in 13 out of 29 UK cases since 1980.

Conservative Party leader Kemi Badenoch. Pic: PA
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Conservative Party leader Kemi Badenoch. Pic: PA

A political issue

Leaving the ECHR would breach the 1998 Good Friday Agreement, the peace settlement deal between the British and Irish governments on how Northern Ireland should be governed.

Labour has in recent days said it was considering how Article 3, the prohibition on torture, and Article 8,
the right to respect for private and family life, are interpreted. The sections have been used to halt deportation attempts.

The Liberal Democrats and Greens are in favour of the ECHR.

A general election is not expected until 2029.

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