Crypto Community Faces Disillusionment as AI-Generated Fake News of Gensler's Resignation Unravels

Crypto Community Faces Disillusionment as AI-Generated Fake News of Gensler’s Resignation Unravels

Updated: 04 July 2023

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The crypto community was recently thrown into a frenzy as false rumors circulated about the resignation of Gary Gensler, the chair of the United States Securities and Exchange Commission (SEC).

However, it has now been revealed that the news was nothing more than a carefully crafted hoax generated by artificial intelligence (AI).

Crypto Community Deceived by AI-Generated Fake News of SEC Chair’s Resignation

Over the weekend, various smaller crypto news outlets, including a website called CryptoAlert, published stories with headlines such as “SEC Sources Confirm Gary Gensler Resignation.”

The news of Gensler’s alleged resignation quickly spread like wildfire across various social media platforms, particularly among bearish Twitter accounts such as “@WhaleChart.”

BREAKING:

Anonymous official at the SEC has reportedly disclosed that chairman Gary Gensler is going to resign following an internal investigation.

— WhaleFUD (@WhaleFUD) July 2, 2023

The crypto community, which has been at odds with Gensler due to his firm regulatory approach, eagerly embraced the purported development. However, the truth soon emerged, dashing the hopes of those wishing for Gensler’s departure.

Journalists reached out to the SEC for clarification, and on July 3, Fox Business reporter Eleanor Terrett responded to crypto lawyer John Deaton, stating, “My SEC sources are calling BS on this.” She also confirmed that she had contacted the SEC for an official comment.

Breaking: As expected @SECGov PR says @GaryGensler is not resigning

— Charles Gasparino (@CGasparino) July 2, 2023

In an effort to shed light on the situation, Charles Gasparino, a senior correspondent at Fox, took it upon himself to seek clarification by reaching out to the public relations team at the SEC through email. Gasparino eagerly awaited a response and eventually shared the reply he received, which simply stated, “Sorry what?”

After a couple of hours had passed, Gasparino took to Twitter to share the outcome of his inquiry. He expressed little surprise when he tweeted, “As expected, SEC PR says Gary Gensler is not resigning.”

This confirmation from the SEC’s public relations team put an end to the speculation surrounding Gensler’s alleged resignation.

The twist in this story is quite astonishing. It turns out that the fake news was not created by humans but by artificial intelligence (AI). What’s more, most of the articles on the website that originally published the false information were also generated by AI.

This revelation highlights the changing nature of misinformation and the potential dangers of AI-generated content.

Crypto Community Disappointed by False Gensler Resignation Rumors

The crypto community, which initially greeted the news of Gensler’s alleged resignation with enthusiasm, now faces a sense of disillusionment.

Gensler, known for his outspoken criticism of cryptocurrencies and his proactive approach to regulations, has emerged as a prominent figure in the ongoing discussions within the crypto industry.

However, his persistent position as the chair of the SEC has sparked discontent among certain members of the crypto community.

Ryan Selkis, the co-founder of Messari, expressed his belief that Gensler’s resignation could be imminent. Selkis speculated that Gensler’s political future might hinge on him stepping down gracefully to support the administration during an election year.

Selkis also suggested that Gensler’s regulatory actions could have potential electoral consequences for the Democratic Party.

As the crypto community grapples with the fallout of this AI-generated fake news, it serves as a reminder of the challenges posed by misinformation in the digital age. The incident underscores the need for critical thinking and verification of sources, particularly in an industry as volatile as cryptocurrency.

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