Omarova has claimed that she wishes to “end banking as we know it,” but fears that major financial organizations can misuse the cryptocurrency market in ways that are invisible to regulators.
According to reports, the Biden administration intends to nominate Kazakhstani-American attorney, academic, and former policy adviser Saule Omarova to lead the Office of the Comptroller of the Currency (OCC), which regulates the United States’ banking sector.
Omarova has previously criticized both crypto assets and the traditional banking system, having previously threatened to “end banking as we know it.” She described cryptocurrency as “mostly supporting the problematic financial system that we already have.”
Omarova might be nominated as soon as this week, citing three anonymous individuals “familiar with the nomination process.”
Omarova, who is currently a law professor at Cornell University Law School, is expected to push for tighter regulation of cryptocurrency, which she has described as a threat to the economy’s stability and ripe for abuse by large private financial entities. The professor is an expert in banking law and business finance.
If confirmed, Omarova’s term at the OCC will mark a substantial departure from the previous administration, which was led by former Coinbase legal officer and crypto advocate Brian Brooks toward the end of Trump’s presidency.
Omarova has also advocated for radical changes to the finance industry, arguing that consumer banking services should be administered exclusively by the Federal Reserve rather than private institutions. She previously worked for the US Treasury Department as a special adviser for regulatory policy during George W. Bush’s presidency.
However, observers predict Omarova will face opposition to her appointment, given that Democrats presently hold a narrow Senate majority and the financial sector is expected to campaign against her appointment.
If appointed, Omarova would be the first woman to serve as the agency’s permanent head, although the OCC has previously been led by a female interim head.
According to the New York Times, the Biden administration began screening Omarova for the post in early August. While the Democrats originally considered former Treasury official Michael Barr and law professor Mehra Baradaran for the job, they were eliminated after the Democrats determined that neither candidate would get sufficient votes for confirmation.
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