NEW YORK—New York’s financial regulator is looking to bring some order to the cryptocurrency industry by using the state’s role as a financial-services leader to help set the regulatory agenda nationwide.
Adrienne Harris, who was confirmed in January as superintendent of the New York State Department of Financial Services, said she intends to accomplish her goals partly by offering clearer guidance to banks and other financial institutions and by bolstering the resources her agency needs to do its job, The Wall Street Journal reported.
New York’s financial regulator, which oversees insurance companies and state-chartered banks, already plays an outsize role in financial services, with many other states following its lead on regulation and enforcement, the Journal noted in its analysis, adding that Harris is seeking to bring that leadership role to other areas, including crypto and climate change.
Harris, who left a teaching job at the University of Michigan’s Gerald Ford School of Public Policy to take the NYDFS role, is the first person of color to hold the superintendent position. She served as a senior adviser at the Treasury Department and as head of an Obama administration financial task force. She then became general counsel and chief business development officer of real-estate-technology startup States Title, now called Doma Holdings Inc., the Journal said.
The superintendent said she has helped the NYDFS secure full funding for the first time since it was formed in 2011. The state government, which sets the agency’s funding, has recommended a fiscal year 2023 budget of $480.8 million for the NYDFS, up 2.4% from the previous fiscal year.
First Action Taken
“One major focus for Ms. Harris is regulating emerging financial-services products, including cryptocurrency,” the Journal reported. “Her agency, which supervises 31 crypto companies, in August took its first enforcement action involving the sector, imposing a $30 million fine on the cryptocurrency trading unit of online brokerage Robinhood Markets Inc. for alleged violations of anti-money-laundering and cybersecurity regulations.”
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