
Proof of State is the Wednesday edition of Fortune Crypto where Leo Schwartz delivers insider insights on policy and regulation.
Crypto has no shortage of villains—you can pick from any number of failed fraudsters who rose and fell faster than the price of Dogecoin after a tweet from Elon Musk. Gary Gensler has come to occupy a different position in the psyche of blockchain acolytes, however, with the chair of the Securities and Exchange Commission finally representing a force outside the industry that everyone can agree to hate.