2021-9-24 15:37 |
The regulatory situation in the US is already not looking too good as it is, and it seems that further moves of the Biden administration might further discourage hopes of any positive crypto regulations.
One specific move is a reported intention to nominate Saule Omarova — A Kazakhstani-America attorney, academic, and former policy advisor — to head the OCC (Office of the Comptroller of the Currency).
The reason why this is not good news for the crypto industry is the fact that Omarova is known as a major crypto skeptic. She previously levied criticism at crypto assets as well as legacy banking, once even pledging to ‘end banking as we know it.’ Now, however, she will be in charge of the institution that is overseeing the banking sector in the entire US.
As for digital currencies, Omarova has been recorded saying that it is ‘benefiting mainly the dysfunctional financial system we already have.’
The news that Omarova might be nominated for the OCC came from three different anonymous sources who have inside knowledge of the nomination process. The reports came yesterday, and they say that Omarova could be nominated very soon — potentially by the end of the week.
For the moment, she still works as a law professor at Cornell University Law School. However, if she enters the OCC she is expected to pursue tighter crypto regulations and not ones that will grant the industry greater freedoms, as she believes that the industry is disrupting the economic stability. More than that, Omarova sees it as a tool to be abused by large private financial entities.
If she does come to lead the OCC, the new administration will be vastly different from that of her predecessor, Brian Brooks, who used to be Coinbase’s legal officer and a crypto proponent.
It should be noted, however, that analysts do not expect Omarova to get the job without a fight, as traditional banking will certainly lobby against her appointment. While the banks are not exactly fans of crypto, both digital and traditional banking stand to lose if Omarova gets elected.
The post Biden to nominate anti-crypto Saule Omarova as the head of the OCC appeared first on Invezz.
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