The administration of US President Joe Biden intends to appoint Professor Saul Omar as head of the US currency controller (OCC), which oversees federal US banks. The problem is that in the past, significant criticism of cryptocurrencies has become visible.
OCC is an important US regulator who, during his tenure as former Chief Coinbase High Representative Brian Brooks (later a short term as CEO of Binance.US), took several important steps to encourage the adoption of blockchain technology and cryptocurrencies by US federal banks. The cryptosector is therefore rightly concerned that the change of management will not lead to the opposite measures, which will slow down or significantly reduce the possibilities of adopting cryptocurrencies at banks.
Omar, who could become the new head of the OCC (perhaps this week, according to Bloomberg) may have criticized the cryptocurrencies several times in the past and even warned that they could “lead to the demise of banking as we know it today.” abuse by large private financial entities ’.
Omar currently teaches at Cornell University Law School and is known for preferring stricter regulations, which may mean her efforts to enforce stricter regulations for cryptocurrencies. They are academics specializing in banking law and corporate finance.
In the past, for example, it has advocated that consumer banking services be controlled exclusively by the Fed and not by private institutions. Prior to that, she served as Special Adviser and Regulatory Policy to the U.S. Treasury Department during the government of George W. Bush.
Nothing is certain yet
The appointment of Omar as head of the OCC could stop the political struggle between Democrats and Republicans. Democrats currently hold a slim majority in the Senate, and the banking sector is expected to seek to lobby against her appointment.
It is not the first choice on the part of the Biden administration. Originally they wanted to get the position of OCC leader Michael Barr and later Mehrsa Baradaran. However, none of these candidates had sufficient support in the Senate and, like the candidates, ultimately failed.