Democratic senators not happy with Biden’s nomination of Omarova

United States President Joe Biden’s candidate, Saule Omarova, for Comptroller of the Currency, has reportedly been rejected by a group of five Democratic senators.

Senators Mark Warner, Jon Tester, and Kyrsten Sinema all spoke out against Omarova’s nomination as a bank regulator during a phone call with panel chairman Sen. Sherrod Brown, Axios reports. Senators Hickenlooper and Kelly joined the opposition.

Omarova, who served as Special Advisor for Regulatory Policy to the Under Secretary of the Treasury for Domestic Finance, is noted for her anti-crypto beliefs. 

Due to resistance from five Democrats and all Republicans, the White House contender now requires every other Democratic candidate to vote in favor of her nomination.

At a Senate hearing on Nov. 18, Georgia Senator John Ossoff expressed reservations about her nomination, citing her use of cryptocurrency. 

Her statements acknowledged some of bitcoin’s financial market benefits, but she emphasized the risk of cryptocurrencies destabilizing the US dollar, which the Comptroller of the Currency oversees.

The next step could be one of two things. Either the Biden administration persuades Democratic senators who are opposed to Omarova’s candidacy to change their minds, or a new nominee is picked for Senate confirmation.

‘Hazardous’ blockchain

Senator Pat Toomey pressed Omarova about her missing Marxism thesis in October, while Michael J. Hsu, the acting Comptroller of the Currency, singled out Tether and Binance as ‘hazardous’ blockchain participants in early November.

Securities and Exchange Commission Chairman Sherrod Brown has issued notifications requiring crypto firms to provide information on consumer and investor protection on stablecoins, increasing regulatory pressure.

Those companies have until December 3 to respond to Brown’s request for information. Companies will need to communicate information about purchasing, exchanging, and minting stablecoins.

The companies must also reveal the number of tokens in circulation and how often customers trade them for US dollars. 

This is due to the intricacy and unique properties of each stablecoin, the senator claims.

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/blockchain/democratic-senators-not-happy-with-bidens-nomination-of-omarova/