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Biden's controversial nominee for cryptocurrency controller withdrawn

Biden's controversial nominee for cryptocurrency controller withdrawn

Saule Omarova has withdrawn her nomination for Comptroller of the Currency amid a heated debate over her position on cryptocurrencies and banking, the Cointelegraph reports.

The Office of the U.S. Comptroller of the Currency will be working only with the acting comptroller for some time after President Biden's nominee Saule Omarova withdrew her nomination from the confirmation process. In response to Omarova's withdrawal, President Biden said Dec. 7: “Saule was subjected to inappropriate personal attacks that went far beyond”. The Comptroller of the Currency oversees the regulation of chartered banks across the country. Cryptocurrency players considered Omarova an unfortunate choice for the position of controller because of her anti-cryptocurrency sentiments. Omarova came under heated questioning from Republican senators and some Democratic senators on the Banking, Housing and Urban Affairs Committee at hearings about her views on private banking and cryptocurrency regulation. Some Republicans, such as Senator John Kennedy, focused on Omarova's upbringing in the Soviet Union. When asked if she thought government-issued fiat currency was better than private commerce, Omarova said: “I worry that private innovation could undermine many of the important public policies we need to pursue”. In light of Omarova's withdrawal, President Biden will have to nominate another candidate for comptroller.

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