Fake News: SEC Chairman Gary Gensler Resigns

On July 3, 2023, the Crypto community was abuzz with rumors of SEC Chairman Gary Gensler's resignation. However, this is likely just fake news.

Azcnews Breaking (67)

AI-Generated Rumor Claims SEC Chairman Gary Gensler Resigned

The initial rumor about SEC Chairman Gary Gensler’s resignation surfaced on ‘Thecryptoalert’ website, alleging that Gary Gensler resigns. The site quoted an anonymous official from the Securities and Exchange Commission (SEC) revealing that SEC Chairman Gary Gensler had resigned following an internal investigation.

However, the community conducted a fact check using ZeroGPT to verify if the content was AI-generated. The results showed that 96.8% of the article’s content was created by AI.

Furthermore, this news website is relatively new, with just over 17 posts, the first of which was published on June 22. Most of the articles are AI-generated.

Shortly after the publication of this rumor, Fox Business reporter Charles Gasparino also quoted the SEC confirming that Gary Gensler had not resigned. Therefore, it is highly likely that this is fake news.

Introduction about Gary Gensler

Gary Gensler resigns.
Gary Gensler resigns.

Gary Gensler was born on October 18, 1957, in Baltimore, Maryland, USA. He graduated from the Wharton School at the University of Pennsylvania with a Bachelor’s degree in Economics. Gary Gensler is currently known as the Chairman of the U.S. Securities and Exchange Commission (SEC), having assumed office on April 17, 2021.

Gary Gensler has extensive experience in the financial and securities industries. Prior to his appointment as SEC Chairman, he served as the chairman of the Commodity Futures Trading Commission (CFTC) and was a professor at the MIT Sloan School of Management at the Massachusetts Institute of Technology (MIT).

Related: SEC Declines to Contest Grayscale’s Legal Victory, Nearing Approval of Spot Bitcoin ETFs

SEC Lawsuits Against Binance

Sec Vs Binance
Sec Vs Binance

SEC Chairman Gary Gensler has been at the center of attention in the Crypto market over the past month, following a series of lawsuits filed by the SEC against Binance and Coinbase.

On June 5, the U.S. Securities and Exchange Commission filed a lawsuit against Binance, citing a total of 13 allegations. One of the allegations in the lawsuit claims that funds from Binance and Binance.US were commingled into an account controlled by Merit Peak Limited, a company linked to Changpeng Zhao. A day later, the SEC also filed a lawsuit against Coinbase for similar reasons.

Another accusation is that Binance.US conducted money laundering transactions through a secret Market Maker (MM) named Sigma Chain, also owned by CZ. As a result, the SEC filed a motion with the court to freeze Binance US’s assets.

This caused a significant upheaval in the crypto market afterward. Binance US also began experiencing issues, such as delisting over 100 trading pairs from the Advanced Trading interface and suspending OTC services. Additionally, the prices of BTC, ETH, and BNB on Binance US began to deviate from the global market.

Initially, the SEC proposed freezing all of Binance US’s assets, but later the two parties reached an agreement on this matter.

Subsequently, Binance US and its branches in several other countries and territories, such as the UK, the Netherlands, France, Belgium, Austria, Cyprus, Brazil, also encountered trouble.

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