Former Obama Adviser Nominated to Lead the New York State Department of Financial Services

Former Obama Adviser Nominated to Lead the New York State Department of Financial Services

The entire regulatory terrain at the New York State Department of Financial Services (NYDFS) is about to change, and perhaps the impact on the cryptocurrency ecosystem as the regulator is on track to get a new head. As reported by the Wall Street Journal (WSJ), New York Gov. Kathy Hochul has nominated Adrienne Harris, a senior adviser at public-relations firm Brunswick Group to lead the agency.

The nomination became necessary following the resignation of superintendent Linda Lacewell, and Adrienne’s ascension to the role is subject to confirmation by the New York State Senate. The NYDFS has an enormous responsibility of regulating as many as 1,500 banks and financial institutions with more than $2.6 trillion in Assets Under Management (AUM). With a sweeping oversight on digital currency startups looking to do business in New York, the NYDFS also regulates insurance firms with assets worth $4.7 trillion.

Adrienne has been in government as a Special Assistant for Economic Policy to the U.S. President Barack Obama and a senior advisor to the Deputy Secretary of the Treasury Department. While she has not been a vocal influence in the crypto ecosystem, government records detailed her involvement in participating in talks designated to help boost innovations in the financial ecosystem, with blockchain technology also in focus.

NYDFS and the BitLicense Prospect for Crypto Firms

While there are laid down rules governing the issuance of BitLicense, the disposition of the leaders in the regulatory body will count for much in how encouraged crypto firms will be looking to shift base to the world’s Financial Epicenter.

With Adrienne’s statement in which she said she would use the position “to ensure we have a robust and fair financial system, and an equitable economy,” we can hope to expect a favorable regime for the digital currency ecosystem.

Amongst the major BitLicense clearances that were issued in the includes that given to Square’s Cash App, as well as that issued to PayPal Co-Founder’s cryptocurrency brokerage firm Tagomi back in 2019.