NY Regulator Adrienne Harris Resigns, Calls for US-UK Crypto Passporting in Final Interview

Bitcoin Magazine

NY Regulator Adrienne Harris Resigns, Calls for US-UK Crypto Passporting in Final Interview

Adrienne Harris, Superintendent of the New York Department of Financial Services (NYDFS), announced her resignation after four years in the role. 

“It has been a privilege and an honor to serve New Yorkers, delivering positive outcomes for consumers; cementing DFS as a global regulatory leader; and transforming the Department’s operations,” Harris said.

In her final interview, Harris expressed support to Financial Times for the potential US-UK crypto passporting scheme, emphasizing the need for international cooperation in the digital asset space.

Harris highlighted the “borderless nature” of the crypto market, suggesting that a passporting system — where companies regulated in one jurisdiction can operate in another without undergoing a full authorization process — could enhance investor protection, reduce compliance costs, and improve market interoperability. 

This proposal aligns with recent efforts by the US and UK to collaborate on financial market innovation, including the establishment of a joint task force focused on “markets of the future.”

Despite these efforts, the UK government ruled out creating a national Bitcoin reserve earlier this year. Treasury Secretary Emma Reynolds said mirroring the U.S. strategy of stockpiling Bitcoin is “not appropriate” for Britain’s market.

The NYDFS, under Harris’s leadership, has been at the forefront of crypto regulation in the United States. The department oversees major financial institutions such as Goldman Sachs, Deutsche Bank, and Barclays, as well as prominent crypto firms like Coinbase and Circle. 

Additionally, the NYDFS has implemented stringent regulatory frameworks, including the BitLicense, and has engaged in cross-border initiatives like 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 into the crypto ecosystem can help mitigate risks such as money laundering, fraud, and cybersecurity threats, thereby raising industry standards.

Harris’s resignation marks the end of a significant chapter in US crypto regulation. Her tenure was characterized by a balanced approach, aiming to protect consumers while fostering innovation. 

Her successor, Kaitlin Asrow, will now take the helm of the NYDFS, continuing the mission to navigate the complexities of digital asset oversight.

This post NY Regulator Adrienne Harris Resigns, Calls for US-UK Crypto Passporting in Final Interview first appeared on Bitcoin Magazine and is written by Micah Zimmerman.