Reed Smith LLP counsel Hadas Jacobi, who also previously worked for the New York State Department of Financial Services (NYDFS) Office of the General Counsel and Enforcement, discusses how Superintendent Adrienne Harris has shifted the regulator "away from enforcement and towards expanding the department's crypto group," with the addition of roughly 60 staff members.
The shift that we've seen with, um Superintendent Adrian Harris, um, who started, uh, almost exactly two years ago at DFS is a shift away from enforcement and towards um expanding the department's uh crypto group, um which is the uh research and innovation group. Um Adrian Harris has added approximately 60 staffers to the group, which is a huge deal. I mean, before we were talking about just a handful of folks um that were working in this area at DFS and now there is, you know, a veritable army dedicated to uh processing licensing applications and, um really doing a little bit more hand holding with the industry. I think that um the department is very open to partnering with um uh virtual currency entities in New York. Um in order to make sure that they have what they need to proceed in terms of, um, you know, especially uh some kind of security considering the volatile uh regulatory landscape on the federal front.