Rumors swirled around the potential resignation of Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), but recent developments refute these claims and underline the risks of cutting-edge technology.
It all began with an article on “thecryptoalert.com,” claiming that an internal investigation had prompted Gensler’s resignation. The news spread like wildfire on Twitter, amplified by popular XRP accounts such as Documenting Ripple. However, skepticism arose due to the unverified nature of the source and the unlikelihood of an SEC chair stepping down within the first two years of their position.
Once Cointelegraph analyzed the article, it became evident that the text scored highly on their AI-detector ZeroGPT, indicating a significant reliance on artificial intelligence. The website, with only 17 posts since its launch on June 22, heightened suspicions of AI-generated content. Despite this, several accounts perpetuated the false news on Twitter, with Whalechart’s tweet garnering over 13k likes.
The rumors finally subsided when Fox Business Network reporter Charles Gasparino tweeted on July 3 that he had confirmed Gensler was not retiring, having received information from the SEC. This put an end to the speculation surrounding Gensler’s resignation.
This, however, was not the first time Gensler faced calls for resignation. Previously, Citadel Securities and Citadel Market Maker had accused him of market manipulation through short sales of equities linked to cryptocurrencies, notably AMC Theatres and GameStop. The alleged trades supposedly involved prominent financial institutions, Vanguard Group and BlackRock. Following these accusations, demands for Gensler’s resignation soared, leading to a Change.org petition by the crypto community expressing dissatisfaction with his alleged failure to protect retail investors from fraudulent activities.
The incident sheds light on the perilous implications of integrating cutting-edge artificial intelligence into the cryptocurrency industry. It highlights the potential for the dissemination of false information generated by AI, leading to controversy and disruption.
As the crypto industry continues to innovate and utilize AI, it becomes crucial to carefully consider the risks associated with this advance in technology.
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