Adrienne Harris, an ex-Fed employee and a CBDC project leader, was confirmed by the New York State Senate on Tuesday to lead the Wall Street regulator.
Is There a Wider Crypto Adoption?
Harris will be the Superintendent of the New York State Department of Financial Services (NYDFS), the state’s leading financial regulator. Her presence would almost certainly prompt greater research into the state’s potential digital currency.
This is due to the fact that her appointment coincides with the state’s active engagement in the adoption of cryptocurrencies and new technologies. Last Monday, Eric Adams, the mayor of New York City, declared that his first salary will be instantly converted to Bitcoin and Ethereum.
Harris worked for the Obama administration as an economic policy advisor, where she promoted her views on the government’s laissez-faire approach to regulatory regulation. She also teaches at the University of Michigan as a practice professor.
Adrienne Harris has a lengthy history of representing financial corporations and prominent law firms like Sullivan & Cromwell as a Wall Street booster.
Harris has worked with a number of fintech startups in a variety of capacities. One of them was the scandal-plagued LendingClub, which was punished by the FTC last year for misleading clients about hidden costs.
Harris was originally nominated for the job by New York Governor Kathy Hochul in August 2021, against objections from left-wing groups and key politicians.
Congratulations to Adrienne Harris, @DHSESCommish, & @DrChinazoOASAS on being confirmed by the Senate as Commissioners for @NYDFS, @NYSDHSES, & @NYSOASAS.I look forward to continue working with these experienced, results-driven leaders on behalf of the people of our state.— Kathy Hochul (@GovKathyHochul) January 25, 2022
Drive for Digital Dollars
Over 3000 financial institutions are supervised by the NYDFS, which manages over $8 trillion in assets. Among other things, the agency is in charge of chartering banks, legalizing cryptocurrencies, and regulating insurance firms and mortgages.
Harris joined the executive board of the digital dollar project in May 2021, just as the Federal Reserve began looking at the benefits and drawbacks of CBDC.
She emphasized that privacy is a necessary component of a successful digital dollar. “It may be as untraceable as cash if it’s based on a token – a digital representation of money,” she said.
Under Obama’s presidency, Adrienne Harris oversaw the White House’s distributed ledger technology (DLT) and fintech taskforces, arguing that the government might assist fintech entrepreneurs by providing clear rules and involvement.
The recent nomination of Harris, given her stack of crypto and CBDC knowledge, might bring more people’s attention to crypto in NYC.
