SEC dismisses rumors of chairman Gary Gensler’s resignation News ▸ US ▸ Bitcoin · XRP ▸ Regulation
SEC dismisses rumors of chairman Gary Gensler’s resignation
The crypto community had reacted positively to the fake news of Gensler's resignation.
2 min read
Updated: Jul. 8, 2023 at 3:45 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The U.S. Securities and Exchange Commission (SEC) reportedly denied rumors that chairman Gary Gensler resigned from his position, according to a July 3 tweet shared by Fox Business journalist Eleanor Terrett.
The report was further corroborated by Fox senior correspondent Charles Gasparino, who also contacted the Commission.
CryptoSlate has contacted the SEC for further commentary.
Fake news of Gensler’s resignation
Over the weekend, a report from “cryptoalert.com” citing “anonymous sources” stated that Chair Gensler had resigned from his position “following an internal investigation.”
The news quickly gained traction within the crypto community as several Twitter accounts with large followings repeated the information. However, several stakeholders within the community, such as pro-XRP lawyer John Deaton, expressed skepticism about the story’s veracity, with some linking it to artificial intelligence.
CryptoSlate’s investigation of the news source via Whois showed that the website was registered in May 2023, and it uses stock photos for its team members.
Additionally, the website has published less than 20 stories since its launch, and its Twitter account has just seven tweets since it was created in June.
Moreover, the platform has a history of publishing unverified news. CryptoAlert previously reported that Ripple wanted to repurchase 10 billion XRP tokens—a report denied by the crypto payment company’s CTO, David Schwartz.
The crypto community welcomed the news.
Meanwhile, several crypto community members reacted positively to the apparent fake news of Gensler’s resignation.
SEC Chair Gensler has come under fire from several crypto stakeholders who have heavily criticized the Commission’s regulation-by-enforcement approach to the industry. Under Gensler, the SEC has labeled multiple cryptocurrencies as securities and filed legal actions against major crypto firms like Coinbase and Binance.
In June, U.S. lawmakers Warren Davidson and Tom Emmer introduced a bill to restructure the Commission and remove Chair Gensler.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Gary Gensler is an American government official and former investment banker who President Joseph Biden nominated to chair the U.S.