Adrienne Harris, Superintendent of the New York Division of Monetary Companies (NYDFS), introduced her resignation after 4 years within the position.
“It has been a privilege and an honor to serve New Yorkers, delivering optimistic outcomes for customers; cementing DFS as a world regulatory chief; and reworking the Division’s operations,” Harris stated.
In her ultimate interview, Harris expressed assist to Monetary Instances for the potential US-UK crypto passporting scheme, emphasizing the necessity for worldwide cooperation within the digital asset house.
Harris highlighted the “borderless nature” of the crypto market, suggesting {that a} passporting system — the place corporations regulated in a single jurisdiction can function in one other with out present process a full authorization course of — may improve investor safety, scale back compliance prices, and enhance market interoperability.
This proposal aligns with latest efforts by the US and UK to collaborate on monetary market innovation, together with the institution of a joint process drive centered on “markets of the long run.”
Regardless of these efforts, the UK authorities dominated out making a nationwide Bitcoin reserve earlier this 12 months. Treasury Secretary Emma Reynolds stated mirroring the U.S. technique of stockpiling Bitcoin is “not applicable” for Britain’s market.
Harris’s position in advancing crypto regulation within the U.S.
The NYDFS, below Harris’s management, has been on the forefront of crypto regulation in america. The division oversees main monetary establishments reminiscent of Goldman Sachs, Deutsche Financial institution, and Barclays, in addition to outstanding crypto companies like Coinbase and Circle.
Moreover, the NYDFS has applied stringent regulatory frameworks, together with the BitLicense, and has engaged in cross-border initiatives just like the Transatlantic Regulatory Change with the Financial institution of England.
Regardless of her departure, Harris stays optimistic about the way forward for crypto regulation. She advised Monetary Instances that integrating conventional monetary establishments into the crypto ecosystem may also help mitigate dangers reminiscent of cash laundering, fraud, and cybersecurity threats, thereby elevating trade requirements.
Harris’s resignation marks the top of a major chapter in US crypto regulation. Her tenure was characterised by a balanced strategy, aiming to guard customers whereas fostering innovation.
Her successor, Kaitlin Asrow, will now take the helm of the NYDFS, persevering with the mission to navigate the complexities of digital asset oversight.
