![]() The power of Harris and her DFS is rooted in the department’s groundbreaking approach to crypto regulation, which it established through its BitLicense virtual currency program in 2015. “That’s the key with any sort of new innovation, is how can you foster responsible, useful innovation and protect consumers and markets from bad actors?” Adrienne Harris, DFS superintendent “You have troubling times, and it’s not an easy thing to do as a policymaker, but that’s the job.” ![]() “That’s the key with any sort of new innovation, is how can you foster responsible, useful innovation and protect consumers and markets from bad actors,” Harris told Fortune over a video interview. For Harris, who arrived with an imposing résumé of governmental and corporate experience, the twin imperatives have meant sustaining the state’s nation-leading approach to nurturing the crypto industry while making sure the state doesn’t open its doors to the next Sam Bankman-Fried. peers, DFS has an added objective: Explicit in the department’s mission is not just regulation but economic growth. In recent years, though, the department’s oversight of the roller-coaster crypto industry has put it under a spotlight and a magnifying glass, even more so than federal counterparts like the U.S. The New York DFS is an unusually powerful regulator, not only because of its seat in the financial capital of the world, but also because of its broad portfolio that stretches from banking and insurance to student loan providers. “The banks are open and ready for business this morning,” she said with the hint of a smile. With an understated assurance, Harris stood at the podium, describing how her team had worked with the federal government to avert disaster.
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