As a superintendent of the New York Financial Services Department, Adrienne Harris has dug a name for herself as a avant-garde regulator who created a national presence for her small surveillance agency at one time of banking collapses and crypto collapses. Now she moves on to something else.
On Monday, the governor of New York, Kathy Hochul on Monday, announced the departure of Harris, in force in October, ending a four -year term for the former Obama administration official. In a press release, Hochul praised the role of Harris in “the reconstruction of the department in a regulator adjusted for the financial capital of the world”.
The American financial landscape has changed considerably since Hochul named Harris to lead the DFS in August 2021. After his appointment, a series of bankruptcy in the blockchain industry led to billions of dollars in investors, and the failure of the Silvergate and Signature banks threatened the broader American financial system.
Although Harris would join Biden’s administration agencies, including the Gary Gensler’s titles and exchange committee, by putting on application measures against leading companies such as Coinbase and Genesis, she also advanced the regulations around technology such as the federal stable broadcast on the world of crypto and regulations. “Harris also extended the publication by his department of the Bitlidense program, at the time the only system of cryptographic regulation in the country.
The desire to Harris to enter the thorny sector when many other financial supervisors relied only on prosecution earned him respect for many blockchain entrepreneurs, although they have always grown up on the laborious process of licenses, as well as on expensive requirements. While the Congress debated the legislation to create railing for stablecoins, ultimately passing the law on engineering in July, the Harris model in New York was often considered a model that should be followed. He also stimulated the debate on how states should maintain autonomy as part of a federal surveillance program, Harris herself testifying to the Congress.
But after Donald Trump adopted Crypto on the campaign campaign, his return to functions in January decreased Harris’s national profile, especially since he upset the federal government’s approach to blockchain regulation. The DFS has continued to publish new tips on blockchains, as well as other border technologies, including artificial intelligence, although its increasing approach has pale compared to the Blitz new initiatives of the Trump administration.
In an interview with Politico on Monday, Harris said she was planning to take a leave before finding her next concert. “My current account will tell me how long I receive,” she joked.
Hochul has announced that Kaitlin Asrow, who has spent the last four years as executive deputy director of the DFS research and innovation division, will serve as an acting superintendent after Harris’ departure. In its role, Asrow supervised the regulations of the Blockchain Ministry of Companies; Its staff has increased by 60 in the past four years. In a statement, Asrow said it would favor consumer protection while ensuring that New York has remained a center for “responsible financial innovation”.
