Democratic senators oppose President Biden’s OCC Omarova nomination


A group of five Democratic senators have reportedly rejected President Joe Biden’s nomination of Sally Omarova to head the Office of the Currency Controller (OCC).

According to Axios, Umarova’s candidacy for bank governor was initially opposed by three members of the Senate Banking Committee – Senators John Tester, Mark Warner and Kirsten Cinema – in a telephone conversation with the committee’s chair, Senator Sherrod Brown. The opposition was supported by Senators John Hickenlooper and Mark Kelly.

Omarova is known for its anti-cryptocurrency sentiment; she has previously worked as a special adviser on regulatory policy under the Deputy Minister of Internal Finance. As a result of opposition from five Democrats and all Republicans, the White House candidate is asking all other Democratic candidates to vote for her appointment.

On November 18, Senators questioned Omarova about her nomination, including Senator John Osoff of Georgia, who had specific questions for Omarova about cryptocurrency. Her comments acknowledge some of the benefits that cryptocurrency brings to the financial markets, but focus on the ability of cryptocurrency to undermine the US dollar, aspects that the currency regulator is responsible for regulating.

What happens next is one of two things. Either the Biden administration will convince the Democratic senators who oppose Omarova’s nomination to change their minds, or the administration will choose a new candidate for Senate approval.

In October, Senator Pat Toomey called on Omarova to skip his Marxist dissertation, and in early November, acting currency controller Michael J. Xu called Tether and Binance dangerous players in the blockchain area.

Senator Hickenlooper’s office in Denver did not immediately respond to Cointelegraph’s request for comment.

Related topics: Chairman of the Senate Banking Committee seeks information from issuers and StableCoin exchanges, and offers a consultation opportunity

To strengthen regulatory policy, Sherrod Brown, chair of the Senate Banking, Housing and Urban Affairs Committee, issued reports requiring crypto companies to publish information on consumer and investor protection on stack coins.

According to the Cointelegraph, Brown’s notice has been sent to Coinbase, Gemini, Paxos, TrustToken, Binance.US, Circle, Center and Tether, who are now requesting that the requested information be sent by 3 December. Cryptocompanies must share information. for the purchase, exchange and stamping of stack coins.

In addition, companies are expected to divide the number of tokens in circulation and the number of times users exchange them for US dollars. According to the senator, “investors can not appreciate the complexity, distinctiveness and conditions of each stablecoin.” According to the post:

“I am very concerned about the non-standard terms that apply to the repurchase of certain stack coins, how these terms differ from traditional assets, and how these terms may not agree on digital asset trading platforms.”



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