Democratic Senators reject President Biden’s nomination for OCC Omarova

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A group of five Democratic senators have reportedly turned down President Joe Biden’s candidate, Saule Omarova, as head of the Auditor’s Office (OCC).

Omarova’s nomination as banking regulator was initially rejected by three members of the Senate Banking Committee – Senators Jon Tester, Mark Warner, and Kyrsten Sinema – in a telephone conversation with panel chairman Sen. Sherrod Brown, according to Axios. The opposition was also supported by Senators John Hickenlooper and Mark Kelly.

Omarova is known for her anti-crypto sentiment, who previously served as Special Advisor on Regulatory Policy to the Undersecretary of State for Domestic Finance. Faced with opposition from five Democrats and all Republicans, the White House candidate is demanding that any other Democratic candidate vote for her nomination.

Senators interviewed Omarova about her nomination on November 18, including Senator John Ossoff of Georgia, who had specific questions for Omarova about cryptocurrency. Their comments recognized some of the benefits cryptocurrencies bring to financial markets, but focused on the cryptocurrency’s potential to undermine the U.S. dollar, which is the responsibility of the currency’s auditor.

What happens next is one of two things. Either the Biden government persuades the Democratic senators protesting Omarowa’s nomination to change their minds, or the government selects a new candidate for Senate endorsement.

In October, Senator Pat Toomey put pressure on Omarova for her lack of Marxism thesis, and in early November, the currency’s acting auditor, Michael J. Hsu, highlighted Tether and Binance as risky actors in the blockchain space.

Senator Hickenlooper’s Denver office did not immediately respond to Cointelegraph’s request for comment.

Related: The chairman of the Senate Banking Committee seeks information from stablecoin issuers and exchanges and suggests a possible hearing

Sherrod Brown, chairman of the Senate Committee on Banking, Housing and Urban Affairs, has fueled the regulatory heat by issuing notices calling on crypto firms to release information on consumer and investor protection of stablecoins.

As Cointelegraph reported, Brown’s communication was addressed to Coinbase, Gemini, Paxos, TrustToken, Binance.US, Circle, Center and Tether, who now have to submit the requested information by December 3rd. The crypto companies have to exchange information when buying, exchanging and minting stablecoins.

In addition, companies are expected to also share the number of tokens in circulation and how often users exchange them for US dollars. According to the Senator, investors “cannot appreciate the complexities and the different characteristics and conditions of each stablecoin.” According to the letter:

“I have significant concerns about the non-standard terms that apply to redeeming certain stablecoins, how these terms differ from traditional assets, and how these terms may not be consistent across all digital asset trading platforms.”