**US-UK Crypto Passporting Advocated by Resigning NY Regulator**
**Meta Description:** Adrienne Harris, NYDFS Superintendent, resigns and advocates for US-UK crypto passporting to enhance international cooperation in digital assets.
**URL Slug:** us-uk-crypto-passporting-adrienne-harris-resignation
**US Regulator Calls for Crypto Passporting in Final Remarks**
Adrienne Harris, the Superintendent of the New York Department of Financial Services (NYDFS), has announced her resignation after four impactful years in the position. In her final interview, she reflected on her tenure, stating, “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.”
During her conversation with the Financial Times, Harris expressed her support for a potential US-UK crypto passporting scheme. She emphasized the importance of international collaboration in the rapidly evolving digital asset landscape. Harris pointed out the “borderless nature” of the cryptocurrency market, suggesting that a passporting system could allow companies regulated in one jurisdiction to operate in another without undergoing a full authorization process. This approach could enhance investor protection, lower compliance costs, and improve market interoperability.
This proposal aligns with recent initiatives by the US and UK to foster innovation in financial markets, including the formation of a joint task force focused on “markets of the future.” However, it is noteworthy that earlier this year, the UK government dismissed the idea of establishing a national Bitcoin reserve, with Treasury Secretary Emma Reynolds stating that emulating the U.S. strategy of accumulating Bitcoin is “not appropriate” for the UK market.
Under Harris’s leadership, the NYDFS has been a pioneer in crypto regulation within the United States. The department oversees major financial institutions, including Goldman Sachs, Deutsche Bank, and Barclays, as well as significant crypto firms like Coinbase and Circle. Harris has been instrumental in implementing rigorous regulatory frameworks, such as the BitLicense, and has participated in cross-border initiatives like the Transatlantic Regulatory Exchange with the Bank of England.
Despite her departure, Harris remains optimistic about the future of cryptocurrency regulation. She believes that integrating traditional financial institutions into the crypto ecosystem can help mitigate risks such as money laundering, fraud, and cybersecurity threats, ultimately raising industry standards.
Harris’s resignation marks a pivotal moment in the evolution of US crypto regulation. Her balanced approach aimed to protect consumers while encouraging innovation. Kaitlin Asrow will succeed her as the head of the NYDFS, continuing the mission to navigate the complexities of digital asset oversight.
**FAQ**
**What is the significance of Adrienne Harris’s resignation?**
Adrienne Harris’s resignation signifies a transition in leadership at the NYDFS, which has been at the forefront of cryptocurrency regulation in the U.S. Her advocacy for US-UK crypto passporting highlights the need for international cooperation in the digital asset space.