Biden nominates crypto critic for sensitive financial position OCC

Opposition to US President's plans escalates Joe Biden, to nominate a strong critic of banking and cryptocurrency for a management position Office of the Comptroller of Currency OCC.

The proposed candidacy for a law professor was raised Saule Omarova، Umarova It is widely regarded as hostile to digital currencies and big banks.

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Tomorrow has been Senator Ted Cruz The latest crypto ally to speak out, in a tweet last Tuesday, considered the decisions of Omarova, could change the future of the industry if it is nominated, where he said:

“Do not pose Saule Omarova , which he chose Biden to drive Office of the Comptroller of Currency OCC Not only does it threaten our traditional economy, but it also wants to put cryptocurrencies into oblivion.

Crypto also faces government regulations that define the future, and this filtering must be stopped.”

A number of major banks and banking associations are also against this nomination, with the American Bankers Association debating whether to oppose the decision publicly.

Head said ABA And its CEO Rob Nicho ls In a statement last Friday:

"We have serious concerns about her ideas to restructure the country's banking system."

Pat Toomey Ranking Republicans on the Senate Banking Committee, he expressed opposition to the nomination last week, noting that he has “serious reservations”, Given the Omarova's far-left ideas.

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For her part, the President and CEO of Independent Community Banking in America said, Rebeca Rainey, that Omarova “It will replace local community banking, and constrain economic growth in local communities.”.

mention that Office of the Comptroller of Currency OCC, is supervising banking giants in America such as Goldman Sachs And JB Morgan JPMorgan And Citi Group It will also cover aspects of the crypto industry.

You are expected to Omarova, which she previously said she wants Ending banking as we know it, by imposing stricter rules. Where she claimed that the rise of cryptocurrency “It will fundamentally benefit our dysfunctional financial system.”.

According to Bloomberg She shares views with anti-crypto lawmakers, such as the senator Elizabeth Warren, that digital assets threaten to destabilize the economy.

On the other hand, she stated Warren Warren that the nomination was “Great news” and is looking to tighten related regulations.

While that Office of the Comptroller of Currency OCC, has gone from one of the most important crypto-futures agencies in the Treasury Department, to a reversal agency under subsequent leadership.

where he joined Brian Brooks, former head of the legal team of Coinbase, to me Office of the Comptroller of Currency OCC in March 2020and paved the way for legislation allowing banks to hold cryptocurrencies.

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The banking regulator told national banks in January that they could operate nodes Nodes Independent of distributed ledger networks, such as stable coins.

However, the tone has changed since then.

Also the acting chief Office of the Comptroller of Currency OCC، Michael Hsu, warned in 21 September, that the products of decentralized finance are similar to those that stimulated the global financial crisis in the year 2008.