"Harris highlighted the "borderless nature" of the crypto market, suggesting that a passporting system - where companies regulated in one jurisdiction can operate in another without undergoing a full authorization process - could enhance investor protection, reduce compliance costs, and improve market interoperability."
"The NYDFS, under Harris's leadership, has been at the forefront of crypto regulation in the United States. The department oversees major financial institutions such as Goldman Sachs, Deutsche Bank, and Barclays, as well as prominent crypto firms like Coinbase and Circle. Additionally, the NYDFS has implemented stringent regulatory frameworks, including the BitLicense, and has engaged in cross-border initiatives like the Transatlantic Regulatory Exchange with the Bank of England."
""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."
Adrienne Harris resigned as Superintendent of the New York Department of Financial Services after four years in the role. Harris supported a US-UK crypto passporting scheme to address the borderless nature of digital assets and to allow firms regulated in one jurisdiction to operate in another without full reauthorization. The passporting approach could enhance investor protection, lower compliance costs, and improve market interoperability. The NYDFS oversaw major banks and crypto firms, implemented the BitLicense, and pursued cross-border initiatives such as the Transatlantic Regulatory Exchange with the Bank of England. The UK ruled out creating a national Bitcoin reserve.
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