Joe Biden Getting Gary Gensler A New Friend

Sometimes, it seems that Securities and Exchange Commission Chairman Gary Gensler has to do everything around here. Not that he minds it, of course: Tormenting the cryptocurrent is enormous fun, so much so that he’s eager to do it even in full confidence that natural selection will eventually take care of them. Still, things are getting a bit lonely, and it’s not that he couldn’t use a little help.

Saule Omarova, who has said she wants to “end banking as we know it,” will be tapped to run the Office of the Comptroller of the Currency as soon as this week…. She’s also cited the rapid rise of cryptocurrencies as “benefiting mainly the dysfunctional financial system we already have.” Omarova contends that digital tokens threaten to destabilize the economy and are vulnerable to abuse by private firms at the expense of public safeguards.

Biden to Tap Crypto, Big-Bank Critic to Run Wall Street Watchdog [Bloomberg]
SEC Chairman Gensler suggests college students start saving early and ‘earn maybe 8%’; the crypto community was irked [MarketWatch]
Robinhood muscles deeper into Coinbase's territory with new crypto wallet feature [TechCrunch via Yahoo! Finance]

For more of the latest in litigation, regulation, deals and financial services trends, sign up for Finance Docket, a partnership between Breaking Media publications Above the Law and Dealbreaker.