New York's Financial Watchdog Is Hiring Another Crypto Superintendent

The specialized crypto unit of the New York Department of Financial Services is beefing up its staff with another hire.

AccessTimeIconOct 4, 2019 at 1:00 p.m. UTC
Updated Sep 13, 2021 at 11:31 a.m. UTC
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New York state is looking beef up its cryptocurrency-focused regulatory staff, according to a job advert posted online on Thursday.

As outlined in the ad, the new Deputy Superintendent for Virtual Currency will be tasked with creating and maintaining compliance measures for virtual currencies including markets, involved businesses and other regulatory bodies for the New York Department of Financial Services (NYDFS).

Specifically, they'll work for the specialized business unit for cryptocurrencies and blockchain – the Division of Research and Innovation – created by the NYDFS this July.

The watchdog is notably responsible for awarding the infamous "BitLicense," which requires firms operating within state boundaries to undergo a regulatory review and meet, as it's previously said, "stringent standards." Created in 2015, only some 20 firms have received the license to date.

The NYDFS is asking candidates for its new deputy superintendent post to have experience in blockchain and cryptocurrency or relevant capital markets, along with an MBA or law degree. The application closes on Oct. 31.

The Division of Research and Innovation currently has four staff, with two superintendents – Matthew Siegel and Olivia Bumgardner – already hired.

The NYDFS's specialized division is flanked by a state legislative body, the Digital Currency Taskforce, created last January. Six representatives from the blockchain and cryptocurrency community were appointed to the taskforce by Governor Andrew Cuomo to help guide state legislation on the nascent industry.

New York signs image via Shutterstock

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