Rumors of Gary Gensler’s Resignation Sparked by AI-Generated Fake News

Rumors of Gary Gensler’s Resignation

Rumors of the resignation of United States Securities and Exchange Commission (SEC) chair Gary Gensler have been circulating again, and this time it appears that artificial intelligence may have been involved.

On July 1, a report was posted on the website “thecryptoalert.com” alleging that SEC chair Gary Gensler had resigned due to an internal investigation, according to an unnamed source.

Cointelegraph discovered that the article’s text scored highly on the third-party AI-detector ZeroGPT, achieving a score of 96.8%, which indicates a strong likelihood of AI text generation.

The website appears to be quite recent, with only seventeen posts in total, the earliest of which was posted on June 22nd. In addition, the majority of these posts appear to heavily rely on artificial intelligence, each earning a score of approximately 70% from ZeroGPT.

A search on the Internet Archive Wayback Machine showed that the domain “thecryptoalert.com” was modified at 4:30pm on June 24th, in addition to the majority of the content being generated by AI.

Hester Peirce has stated that US crypto laws should not assume that “everything is a financial asset”.

Despite this, the content was reposted numerous times on Twitter. The most popular post related to the issue was from @whalechart, which had 1.4 million views at the time of writing.

On July 3, Charles Gasparino of Fox Business Network tweeted that Gary Gensler has not stepped down from his position, despite reports that he had received word from the SEC.

Rumors of Gary Gensler’s resignation have been circulating for some time; on April 20th, unsubstantiated reports suggested he was about to be dismissed.

SEC Stabilization Act and Gensler’s Authority

On June 12, a piece of legislation called the “SEC Stabilization Act” was presented to the House of Representatives by U.S. legislators. One of its main components was a call to remove Gensler from his post, labelling him a “tyrannical Chairman.”

Does SEC Chair Gary Gensler have the ultimate authority when it comes to crypto regulation?