Biden’s Controversial Anti-Crypto Comptroller Nominee Withdraws

Biden’s Controversial Anti-Crypto Comptroller Nominee Withdraws

Saule Omarova withdrew her nomination for Comptroller of the Currency under a barrage of many questions about her cryptocurrency and banking stances.

After President Biden’s nominee, Saule Omarova, withdrew her candidacy from the confirmation process, the Office of the Comptroller of the Currency in the United States of America will be run by an acting Comptroller for the time being.

“Saule Omarova was exposed to unacceptable personal assaults that were way beyond the pale,” President Biden said on December 7 in response to Omarova’s resignation.

The Comptroller of the Currency is in charge of overseeing the regulation of chartered banks in the United States. Due to her anti-crypto beliefs, cryptocurrency stakeholders viewed Omarova as a terrible fit for Comptroller.

During hearings on the Committee on Banking, Housing, and Urban Affairs, Omarova was grilled by Republican and Democratic senators on her views on private banking and cryptocurrency regulation.

Senator John F. Kennedy, a Republican, focused on Omarova’s upbringing in the Soviet Union.

Republican Senator Cynthia Lummis questioned Omarova on her position on cryptocurrency and stablecoins during Senate hearings on November 18, 2021. Omarova voiced fear that private IT businesses deploying the stablecoin infrastructure would prioritize private profit over the public need for open banking in the future.

When asked if she thinks government-issued fiat currency is better than private business, Omarova replied, “I don’t think so.”

“I’m concerned about enabling private innovation to sabotage several critical public initiatives.”
On the V.I. Lenin Personal Academic Scholarship, Omarova attended Moscow State University in Moscow, Russia, where she reportedly wrote a thesis about Karl Marx. In April 2017, Omarova included the thesis on her résumé. Senator Pat Toomey, a Republican, was informed that the thesis had been removed and hence could not be produced.

Senator Mike Crapo, a Republican, pressed Omarova to explain her views on federally chartered banks and climate change. She supports for the financial system to have the capacity to drive climate change-causing sectors out of business by denying them access to bank loans, which she refers to as “socially sub-optimal industries.”

“The way we get rid of these carbon financers is to starve them of their source of capital,” she says.

As a result of Omarova’s withdrawal, President Biden will have to appoint a new Comptroller.

The Author

Samuel Adeshina

Samuel is a financial reporter whose interests include blockchain, market, business, insurance, and Crypto to provide relevant information to all interested.