"Though Harris would join Biden administration agencies, including Gary Gensler's Securities and Exchange Commission, in handing down enforcement actions against leading companies such as Coinbase and Genesis, she also advanced regulation around technology such as stablecoin issuance on blockchains like Ethereum and Solana -a stark difference from her federal counterparts who became notorious in the crypto world for "regulation by enforcement.""
"Harris's willingness to wade into the thorny sector when many other financial supervisors relied solely on lawsuits won her the begrudging respect of many blockchain entrepreneurs, though they still grumbled about the laborious process of applying for BitLicenses, as well as the onerous requirements. As Congress debated legislation to create guardrails for stablecoins, ultimately passing the Genius Act in July, Harris's model in New York was frequently"
Adrienne Harris will depart as superintendent of New York's Department of Financial Services in October after four years leading the agency. Harris elevated the DFS into a nationally prominent regulator during bank collapses and crypto industry bankruptcies. She coordinated enforcement actions with federal agencies against firms like Coinbase and Genesis while advancing rules for stablecoin issuance on blockchains such as Ethereum and Solana. Harris expanded and continued New York's BitLicense program. Many blockchain entrepreneurs offered begrudging respect for her engagement despite complaints about the BitLicense application process and regulatory requirements. Congress debated stablecoin guardrails and passed the Genius Act in July.
Read at Fortune Crypto
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