People familiar with the US government’s Office of the Comptroller of the Currency (OCC) nomination process revealed that the Biden administration intends to appoint Saule Omarova, a professor at Cornell University as the next OCC secretary, Bloomberg reported on Wednesday.
Known as crypto and big-bank critic, Omarova would be responsible for regulating the activities of the US’s Wall Street megabanks as the head of OCC. Omarova’s academic works have highlighted the risks of cryptocurrencies and the current banking infrastructure.
Originally from Kazakhstan, Omarova worked five years at the white-shoe law firm Davis Polk & Wardwell before serving as a special adviser to the Treasury under President George W. Bush’s administration.
She has specialized in banking law and corporate finance and is expected to seek stricter regulations on the crypt market, which she says is currently misused by large private financial institutions.
Previously, the OCC administration was headed by popular crypto advocate Brian Brooks who had also served as the legal officer for Coinbase. Thus, the system could see a momentous shift if Omarova gets selected.