False rumors about Gary Gensler, the chair of the US Securities and Exchange Commission (SEC), resigning recently sent the cryptocurrency world into a frenzy.
But now it has come to light that the story was nothing more than a clever deception produced by artificial intelligence (AI).
AI-Generated False News of SEC Chair’s Resignation Defrauds the Crypto Community
Over the weekend, a number of lesser cryptocurrency news websites, produced articles with headings like “SEC Sources Confirm Gary Gensler Resignation.”
Various social media channels rapidly became inundated with reports of Gensler’s purported departure, especially among Twitter accounts that support bear markets.
Due to Gensler’s strict regulatory attitude, the crypto community, which has been at conflict with him, enthusiastically hailed the rumored development. But when the truth came out, dashed the expectations of those who wanted Gensler gone.
When reporters contacted the SEC for explanation, Fox Business reporter Eleanor Terrett reacted to cryptocurrency lawyer John Deaton on July 3 by saying, “My SEC sources are calling BS on this.” She also stated that she had been in touch with the SEC for a formal response.
Charles Gasparino, a senior correspondent at Fox, decided to seek clarification by emailing the SEC’s public relations department in an effort to clarify the situation. Gasparino waited impatiently for a reply and eventually revealed the response he had received, which was simply “Sorry what?”
After a few hours had elapsed, Gasparino used Twitter to announce the results of his investigation. When he tweeted, As expected, SEC PR announces Gary Gensler is not resigning, he showed little surprise.
The rumours surrounding Gensler’s purported departure were put to rest by this statement from the SEC’s public relations department.
This story’s twist is absolutely astounding. It turns out that artificial intelligence (AI) rather than people produced the phoney news. Furthermore, the majority of the articles on the website where the fraudulent information was first published were also produced by AI.
This information emphasises the evolving nature of false information and the possible risks of content produced by artificial intelligence.
False Gensler Resignation Rumours Devastate Crypto Community
The crypto community, which at first reacted enthusiastically to the news of Gensler’s purported resignation, is now feeling disappointed.
Gensler has been a well-known player in the continuing conversations within the cryptocurrency business. He is renowned for his clear outraged of cryptocurrencies and his proactive approach to legislation.
But other people in the cryptocurrency world are unhappy with him because of his continued leadership of the SEC.
Co-founder of Messari Ryan Selkis expressed his expectation that Gensler will quit soon. Selkis hypothesised that Gensler’s political future might depend on him politely resigning to support the administration in a year when elections were taking place.
Selkis added that the Democratic Party might face political repercussions from Gensler’s regulatory activities.
This AI-generated fake news serves as a reminder of the difficulties presented by misinformation in the digital age as the crypto community deals with its effects. The episode serves as a reminder of the importance of exercising critical thought and double-checking information, especially in a sector as volatile as crypto.
