Adrienne Harris, Superintendent of the New York Division of Monetary Providers (NYDFS), introduced her resignation after 4 years within the position. 

“It has been a privilege and an honor to serve New Yorkers, delivering constructive outcomes for customers; cementing DFS as a worldwide regulatory chief; and remodeling the Division’s operations,” Harris mentioned.

In her last interview, Harris expressed help to Monetary Occasions 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 firms regulated in a single jurisdiction can function in one other with out present process a full authorization course of — might improve investor safety, cut 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 job drive centered on “markets of the longer term.”

Regardless of these efforts, the UK authorities dominated out making a nationwide Bitcoin reserve earlier this yr. Treasury Secretary Emma Reynolds mentioned mirroring the U.S. technique of stockpiling Bitcoin is “not acceptable” 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 the USA. The division oversees main monetary establishments equivalent to 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 Trade with the Financial institution of England.

Regardless of her departure, Harris stays optimistic about the way forward for crypto regulation. She advised Monetary Occasions that integrating conventional monetary establishments into the crypto ecosystem will help mitigate dangers equivalent to cash laundering, fraud, and cybersecurity threats, thereby elevating trade requirements.

Harris’s resignation marks the top of a big chapter in US crypto regulation. Her tenure was characterised by a balanced method, 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.