The OCC or Comptroller of the Currency would lead the regulation of the banking sector. The application must subsequently go through the Senate with a Democratic majority.
The administration of President Joe Biden has nominated Saule Omarova, a professor of laws and specializing in finance, as the United States of America Currency Controller (OCC), the entity in charge of the surveillance and regulations of the banking sector.
Omarova has proven to be against Bitcoin and cryptocurrencies, as well as private banking. The news about Omarova’s application appeared in a report by Bloomberg, released on September 22.
The portal clarified that the official nomination was about to happen this week. There were plans to announce it after confirming the fact through sources familiar with the nomination process.
Omarova does not believe that Bitcoin gives advantages to the country’s finances. She even expressed, through her personal Twitter a thought on how this cryptocurrency reflects the decline of American power at the economic level.
Along with an anti-Bitcoin stance, Omarova also considers that private banking has too much power, which does not allow the economic growth of the United States of America.
According to different analysts, Professor Omarova is more committed to the policy directed towards central banks and not towards private banking. If elected, she would be the director of the entity in charge of banking regulations.
Omarova, if elected, would take part in the list of officials who do not look favorably on Bitcoin. The case with Democratic Senator Elizabeth Warren is very particular; she considered cryptocurrency as dangerous for the current financial system. Omarova would become part of the list of public servants once the approval comes to effect.
Although the entity is made up of a Democratic majority, this is, a party close to President Joe Biden, there are expectations to see the performance of private banks, and the pressure they exert.
This sector has made vital contributions within the Senate for both sides, and in this case, Omarova has released some comments against what private banks represent, as is the case of JP Morgan.
Political Scenario against Bitcoin in the United States of America
Elizabeth Warren, the senator who commented that Bitcoin is a danger, is just a part of a list of politicians who have set their negative sights against both Bitcoin and the DeFi ecosystem.
In May of this year, the newly appointed new director of the OCC, Michael Hsu, communicated that reviews should happen on current policies to regulate cryptocurrencies, considering it a priority for the regulatory entity.
A bill would be in development within the Senate, which had established to charge more taxes to developers and cryptocurrency miners. This taxation would happen through the monitoring of transactions between exchanges of US citizens.
However, while it seems a bleak outlook for Bitcoin in the US, there are senators, such as Cynthia Lummis, pro bitcoin, who has commented that the government is currently working to encourage the use of bitcoin within the nation.
By: Jenson Nuñez
