The cryptocurrency community is up in arms over allegations that Securities and Exchange Commission (SEC) Chair Gary Gensler has been making appointments to the agency based on political favoritism rather than merit.

The accusations come as Gensler has taken a hardline stance on crypto regulation, leading many to believe he is wielding his position to advance a partisan agenda.

Major cryptocurrency prices have been fluctuating in the wake of the controversy, with Bitcoin, Ethereum, Binance Coin, Solana, USDC, XRP, and Staked Ether all seeing volatility.

Critics argue that Gensler's actions undermine the SEC's independence and credibility, calling into question the fairness and transparency of the agency's decision-making process.

However, Gensler and the SEC maintain that their focus is solely on protecting investors and ensuring the integrity of financial markets, regardless of political affiliations.

Source: https://decrypt.co/249095/gary-gensler-under-fire-for-alleged-political-favoritism-in-sec-appointments

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