The Office of the Comptroller of the Currency in the USA will operate with only an acting Comptroller for a little longer after President Biden’s nominee, Saule Omarova, withdrew her candidacy from the confirmation process.
In response to Omarova’s withdrawal, President Biden said on Dec. 7, “Saule was subjected to inappropriate personal attacks that were far beyond the pale.”
The Comptroller of the Currency oversees the regulation of chartered banks across the country. Cryptocurrency stakeholders saw Omarova as a poor choice for the Comptroller due to her anti-crypto sentiments.
Omarova fielded heated lines of questioning from Republican and some Democratic senators on The Committee on Banking, Housing, and Urban Affairs in hearings about her views on private banking and cryptocurrency regulation.
Some Republicans, such as Senator John Kennedy focused on Omarova’s upbringing in the Soviet Union.
During Nov. 18 in Senate hearings, Republican Senator Cynthia Lummis questioned Omarova on her position regarding cryptocurrency and stablecoins. Omarova expressed concern that eventually private tech companies that deploy the stablecoin infrastructure would put private profit-based interests above the public need for open banking.
When asked whether she believes that government-issued fiat currency is superior to private commerce, Omarova responded:
“I worry about allowing private innovation to undermine a lot of important public policies that we need to pursue.”
Omarova attended Moscow State University in Moscow, Russia on the V.I. Lenin Personal Academic Scholarship…