US Banking Regulatory Candidate Concerned About Tech Giants Controlling Crypto

Minister Joe BidenSaule Omarova, candidate for “Comptroller of the Currency” of , expressed her discomfort at the prospect of avoiding the US dollar and replacing it with private digital currencies.

Omarova, a professor at Cornell Law School, testified before the Senate Banking Committee that she was particularly concerned that large tech companies could use cryptocurrencies to consolidate even more power.

“My concern is that we’re getting to a situation where big corporations like a big tech company can control all the infrastructures of the money every American citizen and every American business uses in their day-to-day lives.”

Omarova, national sovereignty and US dollarHe added that the status of the coin could be put at risk by multinational companies issuing a competing currency.

“My other concern is that in a system like Facebook where many private actors can issue their own currency, these assets could potentially outpace and even replace the US dollar.”

The professor continued his speech by stating that he preferred the US dollar to remain the dominant currency of the world.

“I believe we now have government-issued money (speaking in official currency) in this country (US) and that (money) works great, I’m also afraid that by allowing private innovations, we may undermine a lot of important public policy.”

Asked by Wyoming Republican Senator and cryptocurrency advocate Cynthia Lummis what specific policies she plans to follow, the candidate cited national security. Upon this answer, Lummis said, “Bitcoin [BTC] Does it threaten national security?” he added an additional question.

Omarova to this question:

“I am not an expert on Bitcoin, but we have a blockchain system where all our financial transactions can actually be located in other countries, where various actors, not particularly friendly to us, control the functioning of this system. [bağlı] I’d be worried if it was.”

However, the professor stated that he was open to the idea of ​​a central bank digital currency (CBDC):

“Central bank digital currency, like any digital currency, can accomplish several things in the financial system more easily than it does today.

A CBDC’s special stablecoinA potential advantage over the ‘s is that legal authority will be vested in legal decisions made by democratically elected MPs.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.

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