New sources say SEC Chairman Gary Gensler is not resigning after rumors broke out this weekend of the Chair’s resignation.
CoinTelegraph says the fake news was generated by AI when it scored a 96.8% on AI Detector.
There’s recently been an increase of fake news from crypto websites alleging information against the SEC and Gary Gensler.
The most widely viewed post was from Whalechart which reached more than 1.7 million views at the time of this publication.
Concerns have also grown over a Hester Peirce takeover if Gary Gensler were to resign his position as Chairman.
“This isn’t the first time rumors of Gensler’s resignation have made the rounds. On April 20, claims that Gensler was preparing to be “fired” were circulated by questionable sources,” says CoinTelegraph.
While Gary Gensler is not resigning, a new bill has been introduced to remove him from his post.
“The website also appears to be very new, with only 17 posts in total, the first of which is dated June 22. Most of the articles appear to make heavy use of artificial intelligence, with all articles scoring about 70% with ZeroGPT.”
One way readers can test the legitimacy of new media websites is by tracking how old the website is and approximately how many articles a website has actually published.
Several fake media profiles have popped up on Twitter with many purchasing followers and then engaging with communities for additional traction.
Also check out: AI detector.
Will Gary Gensler Resign?
While SEC Chairman Gary Gensler has not officially confirmed he will resign, Rep. Warren Davidson, R-Ohio, and House Majority Whip Tom Emmer, R-Minn have introduced the SEC Stabilization Act that would restructure the SEC and remove Chairman Gary Gensler from his post.
The GOP lawmakers point to what they say is Gensler’s “long series of abuses that have been permitted under the current SEC structure.”
“U.S. capital markets must be protected from a tyrannical Chairman, including the current one,” Davidson said.
“That’s why I’m introducing legislation to fix the ongoing abuse of power and ensure protection that is in the best interest of the market for years to come,” he continued.
“It’s time for real reform and to fire Gary Gensler as Chair of the SEC.”
“American investors and industry deserve clear and consistent oversight, not political gamesmanship,” Emmer said in the release.
“The SEC Stabilization Act will make common-sense changes to ensure that the SEC’s priorities are with the investors they are charged to protect and not the whims of its reckless Chair.”
“Thank you, Representative Davidson, for leading this important effort to restore sanity at the SEC,” Emmer added.
Davidson’s and Emmer’s bill would remove Gensler from his position leading the SEC and restructure the commission to redistribute power from the chair to other commissioners, add a sixth commissioner to the body, and create an executive director position to oversee day-to-day operations.
Unfortunately, Commissioners (including Hester) would still have rulemaking, investigative and enforcement authority and would be subjected to staggered six-year terms.
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