Adrienne Harris, Chief Inspector of the New York Department of Financial Services (NYDFS), announced Her resignation after four years in the role.
“It was a privilege and an honor to serve New Yorkers, which produce positive results for consumers; cementing DFS as a global regulatory leader; and transforming the activities of the Department,” said Harris.
In her last interview, Harris pronounced support Unpleasant Financial times for the potential US-UK Crypto Passporting Scheme, with an emphasis on the need for international cooperation in the digital asset space.
Harris emphasized the ‘boundless nature’ of the Cryptomarkt, which suggests that a passport system – where companies can operate in one jurisdiction to the other without undergoing a full authorization process – could improve the protection of investors, reduce the compliance costs and improve the interoperability of the market.
This proposal is in accordance with recent US efforts and the UK to work together on financial market innovation, including the establishment of a joint Task Force Focused on ‘markets of the future’.
Despite these efforts, the British government excluded earlier this year from creating a National Bitcoin Reserve. Treasury Secretary Emma Reynolds said that the reflection of the American strategy of storing Bitcoin is ‘not suitable’ for the British market.
Harris’ role in promoting crypto regulation in the US
The NYDFS, led by Harris, is at the forefront of the Crypto Regulation in the United States. The Department supervises large financial institutions such as Goldman Sachs, Deutsche Bank and Barclays, as well as prominent crypto companies such as Coinbase and Circle.
In addition, the NYDFS has implemented strictly regulatory frameworks, including the Bitlicense, and has dealt with cross -border initiatives such as the Transatlantic Regulatory Exchange with the Bank of England.
Despite her departure, Harris remains optimistic about the future of crypto regulation. She told Financial times That integrating traditional financial institutions in the crypto ecosystem can help reduce risks such as money laundering, fraud and cyber security threats, which increases industrial standards.
Harris’s resignation marks the end of an important chapter in the American crypto regulation. Her term of office was characterized by a balanced approach, aimed at protecting consumers and at the same time promoting innovation.
Her successor, Kaitlin Asrow, will now take over the helm of the NYDFS and continue the mission to navigate the complexity of digital assets supervision.
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