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You’d have thought Gary Gensler was bad enough. Rohit Chopra in Mick Mulvaney’s seat? Even worse. The decreasing likelihood that Jay Powell will at least be around to keep an eye on their interests? Tough to take. But this communist who wants to “end banking as we know it” as head of the most important banking regulator in the country? That is simply too much for the banks to take.

Bankers usually take a reserved approach when reacting to proposed new regulators, so such pointed objections immediately after the White House announced its intention to nominate Ms. Omarova on Sept. 23 are almost unheard-of. And the united front displayed by all of the major trade groups is also unusual, because the largest banks’ agendas are sometimes at odds with those of the smallest…. The banking groups say that Ms. Omarova’s views pose a threat to the industry’s business models, even though creating a public banking option through the Fed would be well outside the power of the Office of the Comptroller of the Currency, which oversees large nationally chartered banks.

Should they succeed, it seems our last best hope of killing off cryptocurrencies goes with her.

“Our approach is really quite different [to China’s],” Gensler said. He added that any ban would probably have to be legislated by Congress.

Bank Groups Unite Against Biden’s Pick for Key Regulatory Post [NYT]
SEC Chief Says the U.S. Won't Ban Cryptocurrencies [Bloomberg]
Sen. Elizabeth Warren Says Fed Suffers From ‘Culture of Corruption’ [WSJ]

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By US government [Public domain], via Wikimedia Commons

Joe Biden Getting Gary Gensler A New Friend

And she doesn’t like cryptos any better than him.

By US government [Public domain], via Wikimedia Commons

‘Wait, Senator, Don’t You Want To Hear About This Mug Who Said He Had An AI Supercomputer In His Mom’s Basement?’

Selections from the cutting-room floor of Gary Gensler’s Senate Banking Committee testimony.

(Getty Images)

SEC To Reduce The Number Of Things Private Equity Firms Can Lie About

And also, you know, try to reduce the number of times they lie in other respects.

By Mike Cauldwell ( [Public domain], via Wikimedia Commons

Did You Know Cryptocurrencies Were All About Helping The Unbanked?

In fairness, the executives saying so probably didn’t know it until they needed to come up with a catchy thing to say at a Congressional hearing.

bitcoin ether

The SEC Doesn’t Think Much Of Coinbase, And The Feeling Is Mutual

Maybe Congress would like to take Gary Gensler off its back? Please?


Maybe Having A Crypto Expert At SEC’s Helm Isn’t So Great For Crypto Company Being Sued By SEC

Gary Gensler knows what a cryptocurrency is when he sees it, and XRP may be right in his blind spot.