Democratic senators oppose President Biden’s OCC Omarova nomination

Democratic senators oppose President Biden's OCC Omarova nomination

Five Democratic senators have reportedly rejected the nomination of President Joe Biden, Saule Omarova to head the Office of the Comptroller of the Currency.

Three members of the Senate Banking Committee, Senators Jon Tester and Mark Warner, initially opposed Omarova’s nomination to be a bank regulator. They spoke with Sen. Sherrod brown by phone, according to Axios. Senators John Hickenlooper, Mark Kelly and Mark Kelly supported Omarova’s opposition.

Omarova, who is well-known for her anti-crypto sentiments, was previously the Special Advisor for Regulatory Policies to the Under Secretary for Domestic Finance. The opposition of five Democrats and all Republicans has forced the nomination to the White House by every other Democratic candidate.

Senators asked Omarova questions about her Nov. 18 nomination, including Senator John Ossoff from Georgia who had specific questions about Omarova’s cryptocurrency. While she acknowledged some of the benefits that cryptocurrency offers to financial markets, her comments emphasized the potential for cryptocurrency’s ability to weaken the US dollar. This is something the Comptroller to the Currency is responsible for regulating.

One of two options is available for what happens next. Either Omarova is renominated by the Biden administration and they persuade the democratic senators to reconsider their objections, or Omarova is renominated by the administration for confirmation to the senate.

Senator Pat Toomey pressured Omarova in October about her missing Marxism thesis. In early November, Michael J. Hsu (acting Comptroller for the Currency) singled out Binance and Tether as potentially dangerous players in the blockchain space.

Cointelegraph reached Senator Hickenlooper’s Denver Office but did not respond immediately to our request for comment.

Related: Senate Banking Committee Chair seeks information from stablecoin exchangers and issuers to suggest a possible hearing

Sherrod Brown, chair of the Senate Committee on Banking, Housing and Urban Affairs, issued notices requiring crypto firms to disclose information about investor and consumer protection on stablecoins.

Cointelegraph reported that Brown sent a notice to Coinbase, Gemini, TrustToken, Binance.US, Circle, Centre, and Tether. They now need to turn over the requested information no later than Dec. 03, according to Cointelegraph. Information about buying, exchanging, and minting stablecoins will be shared by the crypto businesses.

The firms will also be expected to share information about the tokens they have in circulation and the frequency with which users exchange them for dollars. The senator stated that investors may not be aware of the unique features and terms of each stablecoin.

“I am concerned about the non-standardized terms for redemption of certain stablecoins. How do these terms differ from traditional assets? And how can they not be consistent across digital asset trade platforms?”

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