Crypto Regulator Adrienne Harris Resigns as Head of DYDFS

Crypto regulator and Superintendent of the New York Department of Financial Services (NYDFS) Adrienne Harris is leaving the office in October, according to a statement from New York Governor Kathy Hochul on Monday. 

Harris was nominated by Hochul to lead DFS in 2021 and was the longest serving superintendent of the department, helping build and establish the state’s Virtual Currency Unit as a leading crypto regulatory body. 

“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 a statement.

The department’s current executive, Deputy Superintendent of Research & Innovation Kaitlin Aslow, will assume Harris’ post effective on October 18. 

“Between her time at the Federal Reserve, Financial Health Network, and within DFS, Kaitlin is well suited to lead the Department into the future, expanding access to affordable financial services for all New Yorkers while ensuring our great state continues to be a center for responsible innovation,” said Governor Hochul in a statement. 

New York is famed for its strict crypto regulations compared to other states, thanks largely due to the BitLicense, a licensing framework established in 2015 which is necessary to conduct crypto business in the state. 

Though instituted before her appointment, the department maintained a strong arm on crypto compliance during her tenure. The department handed enforcement actions to Robinhood  and Coinbase and for compliance violations in 2022 and 2023, and was the first American regulator to provide guidance for U.S. dollar-backed stablecoins and their issuers. 

Harris, who was also New York’s first ever representative on the U.S. Financial Stability Oversight Council, told Politico she’s going to “take a little bit of time,” before deciding what she wants to do next professionally. 

“I’d like to thank Superintendent Harris for her four years of service at DFS, working every day to make our financial system work for New Yorkers, while also rebuilding the Department into a regulator fit for the financial capital of the world,” Governor Hochul said.