Biden Wants Cryptocurrency Opponent to Lead the Office of the Comptroller of the Currency
The Biden administration intends to appoint Saule Omarova, a Kazakh-American lawyer, scholar and former political adviser, to the post of head of the Office of the Comptroller of the Currency.
Previously, Omarova has often criticized both crypto assets and the traditional banking sector. Moreover, she once promised to end banking as everyone knows it. And she called cryptocurrencies a tool that benefits a largely dysfunctional financial system.
According to a Bloomberg report, which cites three anonymous sources, Omarova could be nominated for the post this week. She is currently a Professor of Law at Cornell University Law School.
It is likely that Omarova will seek tighter regulation of the cryptocurrency, as she described the sector as threatening the stability of the economy and ready for abuse by large private financial institutions. The academician specializes in banking and corporate finance.
She also offered radical recipes for the financial industry, advocating for consumer banking to be exclusively administered by the Federal Reserve and not private institutions. She previously served as Special Advisor on Regulatory Policy to the US Treasury Department during the George W. Bush presidency.
However, analysts do not believe Omarova will get a job at the OCC without a fight, as Democrats currently hold a slim majority in the Senate and the banking sector is expected to lobby for her appointment.
If appointed, she will be the first woman to formally head the agency.