Adrienne Harris will lower as superintendent of the New York Department of Financial Services (NYDFS), the department announced at the Monday.
Harris’s removal came after four years leading the NYDFS, the state agency that controlled Wall Street banks, global insurers and Crypto companies based in New York.
Harris will be replaced by Kaitlin Asrow, who has been acting as a DFS superintendent effective on October 18. New York Governor Kathy Hochul announced the move.
Asrow has spent the last four years administering the licensing and administration of crypto companies with the Executive Deputy Superintendent of the Research & Innovation Division in the regulator where he has been reported to assist in developing one of the largest digital asset regulatory teams in the world.
The department oversees giants such as JPMorgan Chase, Barclays and Deutsche Bank, while also set policies 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 the reelection bid
New York’s role in crypto law
Under Harris, the department plays a major role in shaping US Stablecoin policy. She is said in May that he is “hoping” Congress will eventually pass the law, that happened in July.
He noted that New York officials reviewed almost every federal proposal for digital ownership over the past three years, which further reflected the NYDFS influence on crypto policies.
Speaking to Ripple’s Swell Event in Miami In 2024, Harris warned the industry to never surprise regulators. “You shouldn’t surprise your regulator … The best advice I can give is if we read it before we hear about it, we’re on the wrong foot.”
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This is a story development, and further information will be added as it is available.
