Biden Administration Eyes Crypto and Big Bank Critic To Run On OCC

Reports say that the Biden administration plans to nominate anti-crypto and anti-big bank law professor, Saule Omarova, to head the OCC. In detail, the Office of the Comptroller of the Currency is the institution that manages the U.S. banking sector. It oversees the nation’s biggest lenders like Bank of America Corp., Citigroup Inc., and JPMorgan.

According to sources, President Joe Biden will tap Saule Omarova to run as the head of OCC. As the reports indicate, Omarova already criticized cryptocurrencies and the legacy banking sector before.

In addition to this, Omarova also told the government that it has to have a much bigger role in banking. She even said she “wants to end banking as we know it”. She further cited that the quick growth of cryptocurrencies as “benefiting mainly the dysfunctional financial system we already have”.

If confirmed, moreover, this will bring drastic changes because Omarova seeks tighter crypto regulations. She has previously described the crypto sector as “threatening the stability of the economy”. Furthermore, she also said it is weak against “abuse from private financial entities”.

Notably, the Biden administration has struggled in finding the right person for OCC Head. The White House even dropped some candidates earlier this year. If she ever wins, Omarova will be the first lady to formally lead OCC. Though, there already was a former acting head before.