In 2021, 3 weeks into the job Gensler said "the exchanges trading crypto assets do not have a regulatory framework at the SEC". That seems a massive contradiction to everything he says and does now.

Gensler was appointed in mid-April 2021 to the head post of the SEC. Appearing in front of the House Financial Services Committee, Gensler was questioned on regulations surrounding exchanges. In response to this question, Gensler responded that exchanges do not have at regulatory framework at the SEC or even the CFTC.

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Going even further with regard to a question about crypto regulations in general, Gensler responded that only Congress could create regulations for crypto.

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This ties back to the fact that only Congress has vested power to create new laws which is what seems to be very much necessary for crypto with the major lack of clarity. But many exchanges, most notably Coinbase, as well as Bittrex in their recent lawsuit claim that the SEC is acting illegally and overstepping their authority in attempting to regulate crypto, and especially crypto exchanges.

Given the sudden about-face and hypocritical actions of Gensler and the aggressive crypto crackdown that seems to contradict a lot of past statements and regulatory attitudes and conventions, it’s becoming harder and harder to believe the SEC is acting non-biasedly and in good faith.