Bitcoin

Rumors of Securities and Exchange Commission (SEC) Chair Gary Gensler&#39;s resignation have been circulating, causing a stir in the crypto community. Initially, smaller crypto outlets, including CryptoAlert, ran a story titled &#34;SEC Sources Confirm Gary Gensler Resignation,&#34; which was then copied and spread through various channels, including bearish Twitter feeds like &#34;<a href="https://twitter.com/WhaleChart" rel="noopener noreferrer nofollow">&#64;WhaleChart</a>.&#34; However, on Monday morning, journalists reached out to the SEC for clarification, only to discover that the news was indeed fake.Fox Business reporter Eleanor Terrett responded to crypto lawyer John Deaton&#39;s request for clarity on the situation. Terrett stated, &#34;My SEC sources are calling BS on this&#34; before confirming that she had reached out to the SEC for an official comment. The official SEC Twitter feed remained silent on the matter, except for sharing a list of its latest enforcement actions. Fox senior correspondent Charles Gasparino also sought clarification and received an unexpected response from the SEC&#39;s chief PR representative, who expressed confusion, saying, &#34;Sorry what?&#34;A couple of hours later, Gasparino shared an <a href="https://twitter.com/CGasparino/status/1675650578657992704" rel="noopener noreferrer nofollow">update</a>, stating, &#34;As expected, SEC PR says Gary Gensler is not resigning.&#34; It was reported that the fake news story was generated by artificial intelligence (AI), which seems to be the case for most articles on the spurious outlet.The crypto community had initially reacted with elation to the news of Gensler&#39;s rumored resignation. Gensler has been an outspoken critic of the crypto industry, targeting leading companies and making regulatory efforts. Messari co-founder Ryan Selkis even <a href="https://twitter.com/twobitidiot/status/1675626084719636486" rel="noopener noreferrer nofollow">commented</a> that he wouldn&#39;t be surprised if Gensler resigned, suggesting that it could be a strategic move for the current administration in an election year.However, following the debunking of the news, around $15 billion flowed back into the crypto markets. This sudden influx has driven the total market capitalization to $1.25 trillion, resulting in a 1.1% daily gain at the time of writing.

Fake News? Gary Gensler's "Resignation" Exposed

Coinlive

Other articles published on Jul 3, 2023

BTC Halving Trading Strategy May Prove to Be Effective: Analyst

Let’s Dive Into Pepe Coin’s Strong Community, Alex The Doge Changing The Landscape P2E

Singapore’s Crypto Firms Have to Keep Customer Funds in a Statutory Trust: MAS

Hong Kong exchange to launch unlimited crypto credit card

XRP Enters Falling Wedge, Here's What It Means

PeckShiled Reveals Why It Is Hard to Recover An NFT After It Is Stolen

Join our free newsletter for daily crypto updates!