Senator Bernie Moreno calls former SEC Chair Gary Gensler “one of the stupidest people in government”

Senator Bernie Moreno has criticized former SEC Chairman Gary Gensler, calling him “one of the stupidest people in government.” Senator Moreno made his remarks during a recent hearing while congratulating Paul Atkins for taking over from Gary Gensler.

Moreno’s remarks added to ongoing debates within the crypto space regarding Gensler’s tenure at the SEC, many of whom felt he was overly aggressive and misaligned with the needs of the growing digital asset market. Gensler’s departure symbolized the end of what the crypto community saw as an unnecessarily combative relationship between the SEC and the crypto industry.

Moreno calls Gensler one of the stupidest people in government

Today in the Senate hearing Senator Bernie Moreno says former SEC Chair Gary Gensler "was one of the stupidest people in government." pic.twitter.com/0W2BUWssZd

— MartyParty (@martypartymusic) March 28, 2025

Senator Bernie Moreno, who gained attention for defeating Elizabeth Warren’s anti-crypto efforts in Ohio, said that former SEC Chair Gary Gensler was “one of the stupidest people in government.” Senator Moreno made the comment during a recent hearing, where he was addressing Paul Atkins. 

“Man, you just have to be able to breathe and not be a complete raging lunatic, and you’re going to be the greatest SEC (chair) compared to the last guy. Congratulations on coming after Gary Gensler who, objectively, probably, was one of the stupidest people in government.”

-Bernie Moreno, The U.S. Senator of Ohio

President Donald Trump said last year that he would fire Gensler on his first day in office once he was elected. Gensler decided to step down and announced his resignation in November after Trump won the elections. Atkins has now been considered to lead the SEC as Gensler’s replacement.

The former SEC chair faced criticism for his stance on cryptocurrency regulations, with Ripple CEO Brad Garlinghouse accusing the SEC of regulatory overreach. The price of Bitcoin also surged towards $100,000 after Gensler’s resignation, reflecting optimism about a potentially less stringent regulatory environment. The former SEC official expressed his pride in his accomplishment and noted, “The SEC’s mission to protect investors and maintain fair, orderly, and efficient markets has never been more important.”

Democrats question whether Atkins fits the SEC Chair position

Paul Atkins appeared before lawmakers along with Jonathan Gould, nominee for Controller of the Currency; Luke Petit, nominee for assistant treasury secretary for financial institutions; and Marc Molinaro, a former House member nominated to lead the Federal Transit Administration. The Senate Banking Committee Democrats noted Atkins’ previous positions and questioned whether he was the right person to take over the Securities and Exchange Commission. 

Senator Elizabeth Warren of Massachusetts criticized Atkins for his votes to “loosen the reins on big investment banks like Lehman Brothers and Bear Stearns” prior to the financial crisis in 2008. She asked Atkins about a vote he cast in 2004 to reduce capital buffers for both firms and his subsequent comments that the move had nothing to do with the market collapse. The SEC Chair nominee argued that many factors contributed to the financial crisis after Warren asked whether he was wrong.

She said, “Mr. Atkins has an almost perfect track record,” referring to his SEC position from 2002 to 2008. Warren argued that “he got pretty much everything wrong in the run-up to the biggest financial crash since the Great Depression.” The politician stated that Atkin’s record didn’t deserve the SEC promotion.

Senator from Georgia Raphael Warnock questioned whether Atkins believed overregulation contributed to the financial crash. The former SEC commissioner answered “I don’t know about overregulation, I think it was misregulation, frankly – wasted resources and not focused on the actual problems that were there.” He also acknowledged that regulation should be smart, effective and appropriately tailored within the confines of the regulator’s statutory authority. “In short, clear rules of the road benefit all market participants,” Atkins added.

The SEC Chair nominee was also probed for potential conflicts of interest surrounding his post-SEC life. After leaving the SEC, Atkins established Patomak Global Partners, a company that specializes in financial strategy, risk management, and compliance. 

Senator Warren argued that if Atkins is confirmed, he will be in a prime spot to deliver for his clients, who have been paying him millions of dollars for years. The former SEC commissioner said that if confirmed, he would sell Patomak.

Senate Banking Chair Tim Scott believes that Atkins will roll back the Biden administration’s disastrous practices and promote capital formation and retail investment opportunities. The politician also said that the SEC Chair nominee will provide long-overdue clarity for digital assets, which will ensure American innovation does not fall further behind.

Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot