Rumours about Gary Gensler, the chair of the Securities and Exchange Commission (SEC), resigning soon are rampant among the XRP community.
The unverified rumours have been widely disseminated thanks in large part to well-known XRP accounts like Documenting Ripple.
After a distinguished career in academics and public policy, including a stint as head of the Commodity Futures Trading Commission under the Obama administration, Gensler was appointed SEC Chair in April 2021.
During his tenure, the booming cryptocurrency market has received a lot of attention, particularly the continuing legal dispute between the SEC and Ripple Labs, the company behind the XRP token.
Despite the numerous rumours, it appears improbable that Gensler would resign. His administration thus far has been distinguished by a clear drive for strong cryptocurrency laws and increasing market transparency, a mission that is far from finished.
Gensler’s purported resignation is even more questionable given that no SEC head has ever resigned within the first two years of their position in accordance with historical precedent.
Some well-known XRP community members have started disputing these unsubstantiated allegations, adding to the counter-narrative. A well-known member of the XRP community named Jungle Inc. alerted followers to a false news website that was disseminating the unverified Gensler resignation rumour. Another famous member, Crypto Eri, likewise urged the community to utilise social media responsibly and should “not follow, share, or spread anything without verifying.”
