Adrienne Harris will step down as superintendent of the New York Department of Financial Services (NYDFS), the department announced on Monday.
Harris’ departure comes after four years leading the NYDFS, the state agency that regulates Wall Street banks, global insurers and crypto firms based in New York.
Harris will be replaced by Kaitlin Asrow, who becomes the acting superintendent of the regulator effective Oct. 18. New York Governor Kathy Hochul announced the transition.
Asrow spent the last four years overseeing licensing and supervision of crypto companies at the Executive Deputy Superintendent of the Research & Innovation division at the regulator, where she reportedly helped build one of the largest digital asset regulatory teams in the world.
The department oversees giants like JPMorgan Chase, Barclays and Deutsche Bank, while also setting rules for digital asset providers, including Coinbase, Circle and Paxos under New York’s “BitLicense” regime.
Related: New York’s pro-crypto mayor Eric Adams drops reelection bid
New York’s role in crypto legislation
Under Harris, the department played a central role in shaping US stablecoin policy. She said in May that she was “hopeful” Congress would eventually pass legislation, which happened in July.
She noted that New York officials had reviewed nearly every federal proposal for digital assets over the past three years, further reflecting the NYDFS’s influence on crypto rules.
Speaking at Ripple’s Swell event in Miami in 2024, Harris warned the industry to never surprise regulators. “You should never ever surprise your regulator… The best advice I can give is that if we read about it before we hear about it, we’re already on the wrong foot.”
Related: The UK needs regulatory clarity that matches ambition
The push for transatlantic crypto alignment
Before her departure, Harris told the Financial Times that because crypto is a global asset class, cross-border coordination between the United States and the United Kingdom is vital.
She pointed to “passporting,” a framework that would let licensed crypto companies in both countries operate across markets without seeking separate approvals.
Her remarks came a week after the launch of The Transatlantic Task Force for Markets of the Future, announced by the US and UK Treasury authorities on Sept. 22. The group will review crypto regulations and study short to medium-term cooperation on digital assets, with recommendations expected within 180 days.
Magazine: US risks being ‘front run’ on Bitcoin reserve by other nations — Samson Mow
