Rumors of SEC Chair Gary Gensler’s resignation have turned out to be false. A recent news article on the website “thecryptoalert.com” saying that Gensler had “submitted his resignation following an internal investigation,” citing an unnamed official, caused a huge Twitter outcry.
Popular XRP accounts, in particular Documenting Ripple, have played a key role in disseminating false information.
However, not everyone has bought into the claims; some have questioned the veracity of the source and stated that Gensler’s resignation appears extremely unlikely.
This is due to the fact that no SEC head has ever quit during the first two years of their position, making Gensler’s purported resignation even more speculative.
Things became more clear after Cointelegraph reported that the article’s text scored nearly 97% on their AI-detector ZeroGPT, indicating a significant amount of AI text production.
Further analysis revealed that the website had just 17 posts overall, with the first one going live on June 22. All of these publications did indicate a substantial reliance on artificial intelligence, which raised red flags.
SEC: Fox Journalist Put An End To The Resignation Rumors
Still, a number of accounts continued parading the story on Twitter. Among the most widely viewed post was Whalechart whose tweet received over 13k likes.
After Fox Business Network reporter Charles Gasparino tweeted on July 3 that Gary Gensler is not retiring after allegedly hearing from the SEC, the rumors were finally put to rest.
While we talk about integrating artificial intelligence and the cryptocurrency industry, these kinds of false news generated by AI stir up controversy and have highlighted the risks of cutting-edge technology.
That said, this is not the first time Gensler has faced resignation calls. On June 11, Citadel Securities and Citadel Market Maker accused the hawkish chair of manipulating the markets by engaging in short sales of equities with a connection to cryptocurrencies, notably AMC Theatres and GameStop.
According to the allegations, the trades allegedly took place through the Vanguard Group and BlackRock, two venerable financial institutions.
Following the startling accusations, the demand for Gensler’s resignation quickly grew, TronWeekly reported.
In a Change.org petition, the crypto community denounced the top exec for his failure to protect retail investors from fraudulent activities.