A group of five Democratic senators reportedly rejected President Joe Biden’s nomination to head the OCC office.
Initially, three members of the Senate Banking Committee — Senators John Tester, Mark Warner and Kirsten Cinema — spoke out against Omarova’s nomination for bank regulator in a phone conversation with the group’s leader, Senator Sherrod Brown, according to Axios. Senators John Hickenlooper and Mark Kelly also supported the opposition.
Known for her anti-crypto sentiment, Umarova previously worked as a special advisor on regulatory policy under the Minister of Internal Affairs. 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 nomination.
Senators asked Omarova about her candidacy on November 18, including Senator John Osof of Georgia, who had specific questions for Omarova about cryptocurrency. Her comments acknowledge some of the benefits cryptocurrencies bring to financial markets, but focus on the potential for cryptocurrencies to undermine the US dollar, aspects that the currency watchdog seeks to regulate.
What happens next is one of two things. Either the Biden administration will persuade Democratic senators protesting Umarova’s nomination to change their minds, or the administration will select a new candidate for Senate approval.
In October, Senator Pat Tommy Omarova insisted on a non-Marxist agenda, and in early November, Acting Currency Comptroller Michael J. Shaw abandoned Tether and Binance as risky players in the blockchain.
Senator Hickenlooper’s Denver office did not immediately respond to Cointelegraph’s request for comment.
On the topic: Senate Banking Committee Chairman Requests Information from Stable Coin Issuers and Stock Exchanges, Suggesting Possible Hearing
Sherrod Brown, chair of the Senate Banking, Housing and Urban Affairs Committee, has raised regulatory pressure by issuing notices requiring crypto companies to publish consumer and investor protection information on the coins being hoarded.
According to Cointelegraph, Brown’s notice has been sent to Coinbase, Gemini, Paxos, TrustToken, Binance.US, Circle, Center and Tether, which now requires the required information to be submitted by December 3. Stamped coins.
In addition, companies are expected to share the number of tokens in circulation and how often users exchange them for US dollars. According to the senator, investors may not appreciate the complexity, uniqueness, and terms of each stablecoin. According to the message:
“I have serious concerns about the non-standard terms that apply to redeeming certain Stack coins, how these terms differ from traditional assets, and how these terms may not be consistent across digital asset trading platforms.”