US President Joe Biden has nominated Saule Omarova as the new office manager of the auditor, but how does she feel about crypto? Find out in our latest crypto news.
Omarova has had some interesting things to say about the crypto industry in the past and now US President Joe Biden has nominated her as the new head of the OCC.
Omarova is currently a professor at Cornell UniversityLaw and knows the crypto industry well but has not withheld her views in the field. Omarova shared an article in the Financial Times titled “Bitcoin’s Rise Reflects America’s Deadline” and tweeted that it is extremely important to escape the post-COVID recession through real economic growth.
Can you explain The view that cryptocurrencies may challenge / replace gold as a hedging asset seems correct. The part that signals something about the decline of US or dollar hegemony seems wrong: https://t.co/ooj5yInhh7
– Mark Copelovitch (@mcopelov) February 15, 2021
Back in 2019, she said that Bitcoin’s rise from a little-known tech utopia to an institutional portfolio asset is a clear example of how fintech can be used to aggregate tradable financial assets. According to Bloomberg, Omarova describes the rise of cryptocurrencies as “primarily the dysfunctional financial system we have,” putting them in line with several political figures, and US regulation has focused on cryptocurrencies.
Saule Omarova has joined a list of politicians and regulators who argue that the financial world is inherently political. In a testimony before the Senate Committee on Banking, Housing, and Urban Affairs, Omarova said that money and power are essentially two sides of the same coin:
“Virtualized financial transactions do not change this fundamental fact, they just disguise it.”
This year, some prominent names in the US political and regulatory landscape have taken critical stances on cryptocurrencies, and one of those examples is Senator Elizabeth Warren, who said the industry needs more rules to protect consumers:
“I don’t want to wait until a lot of people, a lot of small investors, a lot of small businesses are completely wiped out.”
Gary Gensler, chairman of the US Securities and Exchange Commission, agrees with Warren, going as far as to say that the industry needs better consumer protection laws. He also said that most crypto tokens look like unregistered securities because cryptocurrencies do not perform the proper function of money and facilitate crime.
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