New York regulator and BitLicense proponent will get seat on federal counsel of company leaders


Adrienne Harris, the chief of New York’s state banking and monetary regulator that oversees the state’s BitLicense, has been named to a non-voting seat on the Monetary Stability Oversight Counsel, or FSOC.

Harris is the superintendent of New York’s Division of Monetary Providers, or NYDFS. The Convention of State Financial institution Supervisors, or CSBS, appoints a state consultant to fill the federal seat that Harris is taking.

In her present New York state function, Harris oversees the BitLicense, an influential state regulatory regimes for crypto corporations within the U.S. that she has championed as a mannequin for digital asset regulation throughout the nation, regardless of the regulatory regime being a longtime supply of criticism from the crypto trade. Notably, FTX.US’s BitLicense utility was caught in regulatory limbo which means the agency may by no means legally function within the state, which Harris has touted as proof of its effectiveness.

A product of the Dodd-Frank Act that adopted the 2008 monetary disaster, FSOC is a discussion board for leaders of U.S. regulatory companies to set coverage geared toward stopping monetary crises. The Secretary of the Treasury, at the moment Janet Yellen, chairs the physique, whereas voting members embody the chairs of the Federal Reserve, the Securities and Alternate Fee, and the Commodity Futures Buying and selling Fee. The heads of the federal banking regulators additionally sit on the panel.

Regardless of Harris’ new seat missing a vote, it’s a seen federal venue for a state regulator. She’s going to substitute Texas Banking Commissioner Charles Cooper, who has been within the function since September 2018. An announcement from the CSBS mentioned that Cooper had been “influential in guaranteeing that the FSOC’s suggestions on digital property thought of state banking regulators and adequately mirrored state legal guidelines and rules.”

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