Bloomberg Law
Sept. 28, 2021, 9:09 PM

Crypto’s Road Gets Harder With Biden Pick for Bank Watchdog (1)

Jesse Hamilton
Jesse Hamilton
Bloomberg News
Akayla Gardner

President Joe Biden may have just dashed any remaining hopes that Washington would warm to cryptocurrencies under his watch.

The White House nominated Saule Omarova last week to lead the Office of the Comptroller of the Currency, all but confirming that U.S. financial regulators will be void of any crypto allies for at least the next three years.

The Cornell University law professor’s critiques of digital tokens fit right in with statements that have recently emerged from government watchdogs. Securities and Exchange Commission Chair Gary Gensler says the market is “rife with fraud, scams and abuse.” And Michael Hsu, ...