Cryptocurrency

Joe Biden may soon nominate Omarova as Comptroller of the Currency

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It is highly possible that U.S. President Joe Biden is already preparing to nominate Cornell University law professor Saule Omarova as the country’s new Comptroller of the Currency.

Sources who asked not to be named said a transition group is already preparing to replace Acting Comptroller Michael Hsu to finally make way for Omaraova’s nomination. 

The White House hasn’t yet released any official announcements but a spokesperson did say it will come out this week. 

First woman comptroller

If Omarova would indeed be nominated by Biden, she will make history as the first woman in the U.S. to become a comptroller of the currency. 

Hsu, who currently serves as the acting comptroller of the currency, has expressed his skepticism about the crypto industry, and even described stablecoins as a “wildcat”. 

Omarova is on the same page as Hsu, saying that the only thing that cryptocurrencies can truly achieve is to create instability in any countries’ financial system. 

Anti crypto and anti-big banks

Omarova is also a known critic of big banks and vowed to “end banking as we know it”.

Her critical stance on both cryptocurrencies and the banking system is already a clear clue on how she will act as the country’s COC and what policies she would implement. 

Hsu replaced the crypto advocate Brian Brooks, who also previously served as Coinbase’s legal counsel. Brooks, unlike Hsu and Omarova, gave his full support to cryptocurrencies, believing that these can help the U.S. economy. 

When he was still comptroller, Brooks had expressed his support for the country’s crypto industry by approving the first banking charters for crypto companies.

 

Image courtesy of Cointelegraph News/YouTube

Jet Encila

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Jet Encila

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