Biden’s pick for OCC Head is critical of cryptos

U. S. President Joe Biden’s pick for the official position of the Office of the Comptroller of the Currency (OCC) Chair has stirred controversy across the financial circles
Biden’s pick is Saule Omarova; a Cornell University’s law professor who has been critical of cryptocurrencies. Omarova adopts a vision on a larger role for the government in overseeing the performance of major and big banks.
The OCC is a key regulator overseeing consumer banking and supervises major lenders such as Bank of America and JPMorgan Chase.
Omarova is expected to push for tougher oversight and rules in the industry presumably based upon the idea of separating the lending function from their monetary function as the title of his 2014 book, “The End of Banking: Money, Credit, and the Digital Revolution” suggests.