Changes at the New York State Department of Financial Services: Peter Marton Departing

NYDFS Deputy Superintendent for Virtual Currency, Peter Marton, is leaving. His contributions to crypto regulation have been praised, and NYDFS aims to continue its strong oversight of crypto firms in the state.

According to his LinkedIn profile, Marton has been serving as the Deputy Superintendent for Virtual Currency at the New York State Department of Financial Services (NYDFS) since December 2021. He also has experience as the Director of Digital Assets at Promontory Financial Group, which is affiliated with IBM.

NYDFS Superintendent Adrienne Harris praised Marton’s contributions to the department in a statement. Harris said, “Pete Marton is an extraordinary talent and has played a significant role in the transformation of the Department’s Virtual Currency Unit over the last two years.” Marton has led the department’s efforts in virtual currency and played an influential role in shaping regulations in this field.

Harris mentioned that the department has added more than 60 virtual currency experts to its team and expressed confidence that the team will continue to deliver “best-in-class outcomes” for New York. This appears to be a step to strengthen the department’s efforts in the realm of virtual currencies and maintain the state’s leadership in financial services.

Harris also stated, “Discovering and nurturing new talent enables our team to continually have access to good opportunities. We wish Pete all success and happiness in his future role.” Following Marton’s departure, the department posted a job listing aiming to fill the position by October 9th. This position seems to be intended for someone who will take the place of one of the leading figures in financial regulation in New York.

NYDFS and Cryptocurrencies

NYDFS has played an active role in regulating cryptocurrencies for years. The introduction of the BitLicense regulation in 2015, ensured that cryptocurrencies could operate legally and under regulation in the state of New York. Many crypto companies obtained licenses to operate in the state as a result of this regulation. However, some firms chose to exit the state rather than comply with these stringent regulations.

On Monday, the regulator proposed further strengthening the oversight of crypto firms operating in the state. The proposed guidance includes assessments of risk, fraud prevention measures, measures to prevent price manipulation, and an evaluation of whether crypto firms have sufficient liquidity to meet customer demands.

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