After China's Desition: What is the Position of the Joe Biden Government on Crypto?

After China's Desition: What is the Position of the Joe Biden Government on Crypto?

So far, the messages from the Biden administration regarding its position on cryptocurrencies have been mixed, but a new application opts against it. Keep reading for more details. Read on. 

So far, the messages from the Biden administration regarding its position on cryptocurrencies have been mixed, but a new application opts against it. Keep reading for more details. Read on. 

The administration of President Joe Biden has nominated Saule Omarova, a professor of law, specializing in finance, to preside over the United States Currency Controller (OCC), the entity in charge of the surveillance and regulations of the banking sector. Omarova has proven to be against Bitcoin and cryptocurrencies, as well as private banking.

The advance on Omarova's application was released by Bloomberg on Wednesday, September 22. The portal ensures that the official nomination will be announced this week, after confirming the fact through sources familiar with the nomination process.

The administration of President Joe Biden has nominated Saule Omarova, a professor of law, specializing in finance, to preside over the United States Currency Controller

Omarova does not believe that Bitcoin contributes to the country's finances, commenting through her personal Twitter that this cryptocurrency "reflects" the decline of American power at the economic level.

Along with an anti-Bitcoin stance, Omarova also considers that private banking has too much power, which does not allow the economic growth of the United States. According to different analysts, Professor Omarova is more committed to the policy directed towards central banks and not towards private banking. This taking into account that, if elected, she would be the director of the entity in charge of banking regulations.

Along with an anti-Bitcoin stance, Omarova also considers that private banking has too much power, which does not allow the economic growth of the United States.

Omarova, if elected, would join the list of officials who do not look favorably on Bitcoin. As is the case with Democratic Senator Elizabeth Warren, who considered cryptocurrency a "danger" to the current financial system.

However, while it seems a bleak outlook for Bitcoin in the US, there are senators, such as Cynthia Lummis, pro bitcoin, who has commented that the government is working to boost bitcoin within the nation.

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