Democratic senators oppose President Biden’s OCC Omarova nomination

According to reports, a panel of five Democratic senators rejected President Joe Biden’s nomination of Sole Omalova as the head of the Office of the Comptroller of the Currency (OCC).

Omalova’s proposal to be nominated as a bank supervisor was initially met by three members of the Senate Banking Committee-Senators Jon Test, Mark Warner, and Kelsten Sneima-in a meeting with the group chairperson. Senator Sherrod Brown objected on the phone. Report Via Axios. The opposition received further support from Senators John Hickenlooper and Mark Kelly.

Omarova is known for his anti-cryptocurrency sentiment He served as the Special Advisor on Regulatory Policy to the Undersecretary of Domestic Finance. Due to the opposition of five Democrats and all Republicans, the White House nominee asked all other Democratic candidates to vote for her appointment.

Senators questioned Omarova about her nomination on November 18, including Senator John Ossoff of Georgia, who raised specific questions about cryptocurrencies to Omarova. Her comments acknowledged the utility of cryptocurrency to the financial market, but she was concerned about the potential of cryptocurrency to weaken the U.S. dollar, and the Office of the Comptroller of the Currency is responsible for overseeing the U.S. dollar.

What happened next was one of two things. Either the Biden administration persuades the Democratic senator who opposes Omarova’s nomination to change his mind, or the government selects a new nominee for Senate confirmation.

In October, Senator Pat Toomey Put pressure on Omarova about her missing Marxist paper, And at the beginning of November, Acting Chief Comptroller of Currency Michael J. Hsu, List Tether and Binance as high-risk players In the field of blockchain.

Senator Hickenlooper’s Denver office did not immediately respond to Cointelegraph’s request for comment.

related: The chairman of the Senate Banking Committee seeks information from stablecoin issuers and exchanges, and suggests that a hearing may be held

Sherrod Brown, chairman of the Senate Committee on Banking, Housing, and Urban Affairs, issued a notice requiring cryptocurrency companies to release information related to the protection of stablecoin consumers and investors, thus triggering a regulatory boom.

As reported by Cointelegraph, Brown’s notice is for Coinbase, Gemini, Paxos, TrustToken, Binance.US, Circle, Centre and Tether, who now need to hand over the required information before December 3. Encryption businesses will need to share information about purchasing, exchanging, and minting stablecoins.

In addition, these companies are expected to share the number of tokens in circulation and how often users convert them into U.S. dollars. According to the senator, investors “may not be aware of the complexity and unique characteristics and terms of each stablecoin.” according to Letter to:

“I am very worried about the non-standardized terms that apply to the redemption of specific stablecoins, how these terms are different from traditional assets, and that these terms may be inconsistent across the entire digital asset trading platform.”