Texas Senator, Ted Cruz, recently revealed to be an ally of the cryptocurrency industry, and is opposing the nomination of Saule Omarova, a law professor at Cornell University who was reportedly chosen by President Joe Biden to lead Office of the Comptroller of the Currency.
Read: Biden Plans To Nominate A Major Critic Of Cryptocurrencies As A Top Wall Street Regulator
In a scathing tweet, Cruz claims that Omarova is ready to regulate the cryptocurrency industry, “into oblivion”:
He said:
“Not only is Saule Omarova, Biden’s pick to lead the OCC, a threat to our traditional economy, she also wants to regulate crypto into oblivion.
Crypto faces future-defining government regulations. This nomination needs to be stopped.”
Not only is Saule Omarova, Biden’s pick to lead the OCC, a threat to our traditional economy, she also wants to regulate crypto into oblivion.
Crypto faces future-defining government regulations. This nomination needs to be stopped. https://t.co/o6iYrloIe9
— Senator Ted Cruz (@SenTedCruz) September 28, 2021
Omarova was skeptical of the idea that crypto would democratize finance, claiming that the rise of the industry was a sign of a “dysfunctional” financial system.
In the Trump administration, the OCC was headed by crypto-friendly Brian Brooks, who took the job after serving as Coinbase legal officer. Brooks also had a brief stint as CEO of Binance.US.
Omarova is best known as a staunch opponent of the big banks. In one of her recent tweets, she specifically targeted JPMorgan.
Does the world need JPMorgan to grow bigger or more powerful? Just wondering.
FirstFT: JPMorgan Chase buying spree is Jamie Dimon’s busiest in years https://t.co/kJ3IwOjbba via @financialtimes
— Saule Omarova (@STOmarova) July 6, 2021
Ironically, the cryptocurrency lobby will fight on the side of the big banks to stop Omarova’s nomination.
The fate of the controversial nomination depends on whether or not moderate Democrats are going to side with her sweeping regulatory agenda.