• False reports of SEC chair Gary Gensler’s resignation circulated in smaller crypto outlets.
• Speculation about Gary Gensler’s resignation has happened previously.

Rumors began to circulate in the crypto market on Sunday, suggesting that Gary Gensler, the Chair of the US Securities and Exchange Commission (SEC), might be considering resigning. An anonymous official, as reported, claimed that the SEC Chair was about to step down from his role in response to an internal investigation conducted within the agency.

However, it seems that the information turned out to be mere speculation and was not based on factual evidence. In a major crackdown during the first week of June 2023, the crypto ecosystem experienced a series of legal actions targeting Coinbase and Binance, the two leading crypto exchanges, on charges of securities law violations. Ben Armstrong, a prominent crypto influencer, has verified that the news of the resignation was merely a rumor. 

Also, Charles Gasparino, a reporter from Fox Business Network, took to Twitter on July 3 to announce that he had received confirmation from the SEC, stating that Gary Gensler would not be stepping down from his position. Previously, there have been occasions when rumors of Gensler’s resignation emerged. On April 20, unreliable sources disseminated claims that Gensler was getting ready to be “fired.”

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