President Biden will nominate crypto critics to regulate Wall Street

According to Bloomberg, President Biden will appoint the crypto critic Saule Omarova as director of the US monetary authority, the Office of the Comptroller of the Currency (OCC). Omarova has argued in the past that digital currencies run the risk of destabilizing the economy and can easily be misused by private companies at the expense of public safety.

President Biden appoints crypto critics to regulate Wall Street

Still on the rise against crypto, President Biden will nominate anti-crypto critic Omarova to reshape the industry’s relentless growth.

Omarova’s position will be named director of the United States Monetary Commission (OCC). OCC investigates the country’s largest lenders, including JP Morgan Chase & Co., Bank of America Corp. and Citigroup Inc..

Omarova has spoken out against fast-growing cryptocurrencies, arguing that the decentralized sector “primarily benefits the dysfunctional financial system that we already have”. Omarova claims that virtual currencies have the potential to destabilize the economy. Additionally, she said cryptocurrencies are also vulnerable to being mined by private companies at the expense of public security.

The U.S. government is rapidly moving towards an anti-crypto path regardless of the vast crypto community that exists within the government. Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), recently compared stablecoins to the Wild West in a recent interview with the Washington Post, arguing that digital currencies behave like poker.

“History tells us that personal forms of monetization don’t last long… These stablecoins now work almost like poker chips in a casino. To add to the Wild West analogy, I mean that we have a lot of casinos here in the Wild West, and poker chips are those stablecoins on the casino gaming tables. And so I think that there are only a lot of warning signs and flashing lights in aisle 3 that could overflow, and I want to get on. “

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