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False rumors of SEC_s Gary Gensler_s resignation fueled by AI
False rumors about SEC Chair Gary Gensler’s resignation spark crypto community uproar, fueled by AI-generated misinformation.
False rumors regarding the resignation of Gary Gensler, the US Securities and Exchange Commission (SEC) chair, have once again caused a stir within the crypto community. This time, however, artificial intelligence (AI) seems to have played a role in generating and propagating misinformation.
Over the weekend, news stories claiming Gary Gensler’s resignation began surfacing on several smaller crypto outlets. One particular website, Crypto, published an article titled “SEC Sources Confirm Gary Gensler Resignation,” which was subsequently copied and shared on ious platforms, including bearish Twitter accounts like @WhaleChart.
However, on July 3, journalists contacted the SEC and unveiled the truth: the news was entirely false.
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Fox Business reporter Eleanor Terrett responded to crypto lawyer John Deaton, stating, “My SEC sources are calling BS on this,” and confirmed that she had contacted the SEC for an official comment.
Fox senior correspondent Charles Gasparino also sought clarification, sharing an email exchange with the SEC’s chief PR representative, who expressed confusion at the rumor and ultimately stated that Gensler was not resigning.
Interestingly, reports suggest that AI, similar to many other articles on the dubious website, generated the false news story
The crypto community initially responded to the news with elation. Gensler has been perceived as a vocal industry critic, frequently targeting leading companies and their practices throughout the year.
Messari co-founder Ryan Selkis expressed his lack of surprise at the rumors, speculating that Gensler’s resignation could be a political move to support the current administration in an election year.
Selkis suggested that Gensler stepping down could benefit the Democrats, as his stance on crypto-related issues had become a contentious topic that might impact the party’s standing in the Senate and key electoral college states.
Previous rumors and controversies surrounding Gensler
It is worth noting that this is not the first time rumors of Gensler’s resignation have circulated. On April 20, claims spread that he was preparing to be “fired,” although these claims originated from questionable sources.
Furthermore, on June 12, a bill titled the “SEC Stabilization Act” was introduced to the House of Representatives, featuring provisions aimed at removing Gensler from his position and labeling him a “tyrannical Chairman.”
Read more:
How SEC chair Gary Gensler moved from crypto advisor to antagonist