By Shelly Melancon (Switzerland)
Saule Omarova’s chances of becoming the Comptroller of the Currency is in further doubt after Democratic Senators as well as several Republican senators objected to the nomination. On Friday, five senators from the Democratic party reportedly opposed the nominee, and was supported by members of the Senate Banking Committee.
According to Axios, Omarova’s nomination was initially rejected by three high-ranking members of the banking committee, which are Senator Tester, Warner, and Sinema. Senator Ted Cruz is also amongst those believed to disapprove of Biden’s choice. Later on, Senator Hickenlooper and Kelly joined in the opposition movement, believing that the law professor was not ideal for the position.
Reasons for Omarova’s Rejection as Head of OCC
Omarova’s nomination as head of the regulatory agency caused a stir in the financial space, especially within the crypto community. She is widely known for her anti-crypto comments, a staunch anti-big bank, which many opine that she could regulate digital assets into oblivion if appointed.
She previously stated that she aims to end the “banking that we know”, implying that she will enforce stricter rules that will not only alter the traditional banking system but affect cryptocurrency. She once stated that the rise of digital assets was only benefiting the current dysfunctional financial system.
Also read:A couple of senators, including Senator Ossoff, have questioned the nominee about her views on cryptocurrency. While she acknowledged the utility of some cryptos, she emphasized that they could undermine the dollar, something which her office handles.
At this point, Biden is facing huge pressure about his choice for the OCC. Omarova needs every Democratic senator to vote for her to secure the appointment. With five already opposing her, Biden could either persuade the senators to change their minds or he selects a new nominee.
Others Have Spoken Against Omarova’s Nomination
Several people have spoken against her nomination. Senator Ted Cruz once tweeted in September that Omarova’s nomination must be stopped, adding that she is a threat to the economy as well as could change the outcome of the crypto industry if nominated.
Another high-ranking senator and member of the banking committee Pat Toomey is also in support of the opposition, adding that he has some reservations due to her leftist ideas.
Aside from senators, some financial institutions, such as the American Bankers Association are also against the decision and are considering whether they should fight the decision publicly or not. ABA’s Rob Nichols, has stated that he has some concerns about her ideology and plans to restructure the banking system.
Independent Community Bankers of America head Rebeca Rainey once shared in Nichols’ sentiments. She is concerned that Omarova’s appointment will affect locally-based community banking.
Already, the regulatory heat is turning up. Recently, Sherrod Brown who chairs the senate committee on banking ordered Tether, Coinbase, and concerned crypto firms to submit information regarding customer protection on stablecoins alongside transaction history involving stablecoins by December 3.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.