Crazy thought of the day:

What if Gensler was actually GOOD for crypto?

He certainly seemed like a villain, but:

- He refused to make clear rules that could have sent the industry irreversibly down a bad path, and instead just made things frustrating and slowed the industry’s growth for 4 years

- He pursued scattered enforcement actions on specious legal theories that were repeatedly struck down in court, laying the groundwork for meaningful reform in securities law and market regulation

- Without him, we wouldn’t have seen the industry rally as a potent political force, Selkis wouldn’t have gone Super Saiyan, and Trump wouldn’t have fully embraced crypto as a campaign strategy, leading to the most ungodly bullish setup the industry has ever seen

Maybe Gensler was our Severus Snape?

I remember reading a book where the author said something like: when in doubt as to whether a decision is a conscious choice or stupidity, it's most likely the latter.

I see another answer in the comments here with Gary's lectures, so if you put memes aside, the decisions may have some reasons, but I believe they will not get any less dumb given the outcome.