Rumors of SEC chair Gary Gensler’s resignation have been swirling for some time, and this week, it appears an artificial intelligence (AI) system apparently threw its (digital) hat into the ring. On July 1, a story appeared on “thecryptoalert.com” saying Gensler “submitted his resignation following an internal investigation,” and citing an anonymous official.

Website’s Recent Creation and Limited Content Suggest AI-Generated Articles

Cointelegraph found that the article’s text had a high score on third-party AI detection system ZeroGPT — 96.8% — suggesting it was generated by a computer rather than a human. The website seems to be quite recent, featuring only 17 posts, with the earliest one dated June 22nd. The majority of articles on the site, which all score around 70% on ZeroGPT, give the impression of being generated by AI. The search conducted on the Wayback Machine revealed that the domain received an update on June 24.

Twitter users reposted the AI-generated story, with the most widely viewed post originating from the account @whalechart. At the time of writing, the post had over 1.4 million views. On July 3, Fox Business Network reporter Charles Gasparino confirmed that Gensler was not resigning, confirming Cointelegraph’s suspicion. Gasparino tweeted “@SECgov PR says @GaryGensler is not resigning” to kill the rumors.

Rumors of Gensler’s Resignation and “Firing” Claims

In the past, rumors about Gensler’s resignation have emerged, including claims on April 20 that he was going to be “fired”. Then, on June 12, U.S. lawmakers introduced a bill called the “SEC Stabilization Act” to the House of Representatives. The bill proposed firing Gensler and labeling him a “tyrannical Chairman”.

So, is Gensler about to be canned? It’s unlikely; removing a U.S. president’s independently-nominated and Senate-confirmed official requires cause like “inefficiency, neglect of duty, or malfeasance.” To fire Gensler, U.S. Congress requires a two-thirds vote, which is rare, to say the least. Throughout the entire history of the United States, this occurrence has transpired merely 20 times.

Gensler has, however, incited the increasing ire of both crypto advocates and lawmakers in the past week alone. The SEC recently sued Binance and Coinbase after they both allegedly offered unregistered securities, and shortly after, it tried to alter the definition of an exchange to include certain brokers, which Peirce (the SEC Commissioner) said could “force centralization” and “welcome extinction of new technology.”

Even if Gensler agreed to resign, it would likely be voluntary and not due to a House of Representatives vote. The SEC has paved the way for the crypto market, despite Gensler’s unpopular decisions. Some argue they enhance compliance. Rumors of Gensler’s “resignation” were false. The origin of the pseudo-news story is still unclear. Its impact remains uncertain. The AI system made a wrong prediction, but it will keep analyzing the SEC and crypto industry.

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The post Secrets Unveiled: AI-Generated Rumors of SEC Chair Gary Gensler’s “Resignation” Debunked appeared first on Boxmining.

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Filed under: Bitcoin - @ July 3, 2023 6:05 am