Adrienne Harris is stepping down after four years at the helm of the New York Department of Financial Services (NYDFS), one of the most powerful state regulators in the United States overseeing banks, insurers, and crypto companies.
The announcement came on Monday, with New York Governor Kathy Hochul confirming that Kaitlin Asrow will serve as acting superintendent beginning Oct. 18.
Earlier coverage: Polkadot Eyes Native DOT-Backed Algorithmic Stablecoin pUSD
Asrow has been a key figure in the regulator’s Research & Innovation division, where she spearheaded licensing and oversight of crypto firms. She also helped expand the NYDFS digital asset regulatory unit into one of the largest of its kind globally.
The NYDFS is responsible for supervising some of the world’s largest financial institutions, including JPMorgan Chase, Barclays, and Deutsche Bank, alongside crypto companies such as Coinbase, Circle, and Paxos, which operate under New York’s strict “BitLicense” regime.
New York’s Influence on US Crypto Rules
During Harris’ tenure, the department played a pivotal role in shaping federal discussions on digital assets, particularly stablecoins. Speaking in May, Harris said she was “hopeful” Congress would pass comprehensive digital asset legislation — a milestone that arrived in July.
She added that the NYDFS had reviewed “nearly every federal proposal” on digital assets in recent years, underscoring its influence far beyond New York state.
Harris frequently urged crypto firms to maintain open communication with regulators. At Ripple’s Swell conference in Miami in 2024, she advised industry leaders:
“You should never ever surprise your regulator. If we read about it before we hear about it, we’re already on the wrong foot.”
A Push for Global Coordination
Before announcing her departure, Harris told the Financial Times that international cooperation on digital assets was essential, stressing that crypto is inherently global.
She specifically pointed to the idea of “passporting” — a mechanism that would allow licensed firms in the US and UK to operate across both markets without undergoing duplicate approvals.
Her comments came shortly after the launch of the Transatlantic Task Force for Markets of the Future, unveiled on Sept. 22 by US and UK Treasury authorities. The task force will study short- and medium-term regulatory alignment on digital assets and is expected to deliver recommendations within 180 days.