Key Points
- Rumors have been spreading that Securities and Exchanges Commission Chair Gary Gensler was on the verge of resigning following internal investigations.
- The SEC has come out to express that no investigation is happening, and its Chair, Gary Gensler, isn’t resigning.
- An ecstatic crypto community had received the rumor.
SEC has communicated that Gary Gensler is not on the verge of resigning after rumors spread alleging that there had been an internal investigation. Gary Gensler has been receiving a lot of hate from the crypto space due to the extensive crypto crackdowns he has spearheaded with the SEC; as such, the rumor of his resigning does not come as a surprise.
The ‘source’ article is fake, AI-generated, and has no basis-SEC
An article with a 97% artificial intelligence generation score has hit the internet claiming that US SEC chair Gary Gensler was on the verge of resigning. The article published on a new website claimed that Gensler had been forced to resign following an internal investigation by the SEC.
The July 1 story appeared on the website dubbed “thecryptoalert.com,” claiming that an anonymous official had tipped the submission of a resignation letter by Gary Gensler. The story had gained traction on Twitter and other socials as breaking news despite the SEC not having released any confirmation on the story.
The SEC later talked to FOX’s Business News reporter Charles Gasparino confirming that Gary Gensler was not resigning/ Gasparino tweeted this, saying the SEC’s response was “as expected.”
This rumor is not the first of its kind. Another one was circulating in April, claiming that Genser was preparing to be “fired.” However, it also doesn’t come as a surprise following the extensive and ‘excessive’ crypto crackdowns that Gensler has been spearheading. His agency is suing Coinbase and Binance and has settled for over $100B with many other crypto entities.
While spreading rumors is not how to deal with Gensler, a legal process is underway to eject him from his seat and restructure the SEC. However, only time will tell if it will come to fruition. Keep watching Fintech Express for updates on crypto regulation and other Fintech-related developments.