The New York regulator’s Transatlantic Regulatory Exchange program would allow the NYDFS to exchange senior staff experienced in digital assets with those at the Bank of England.
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New York Department of Financial Services Superintendent Adrienne Harris has announced an exchange program that will allow the regulator to learn more about how foreign agencies handle issues with emerging payments and digital assets.
In a Jan. 13 notice, Harris said the Transatlantic Regulatory Exchange would begin with an exchange of senior staff experienced with digital assets between the NYDFS and Bank of England. According to the NYDFS superintendent, the program was “critical for regulatory harmonization.”
Exchange program announcement. Source: NYDFS
Exchanges with the TRE program, beginning with the Bank of England in February, will last at least six months. According to Harris, any participants would be expected to return to New York with additional knowledge of regulating financial services, including digital assets.
Related: NYDFS approves BitLicense for Anchorage Digital subsidiary
The NYDFS is responsible for overseeing crypto regulation in New York State, home to several companies taking advantage of the area’s business and regulatory environment. The financial regulator was behind the implementation of the BitLicense scheme in 2015, approving projects such as Ripple Labs’ RLUSD stablecoin in December.
UK vs. US crypto policies
In the UK, entities like the Bank of England have had their own challenges approaching digital asset regulation. The central bank’s regulatory arm, the Prudential Regulation Authority, is expected to monitor firms’ exposure to cryptocurrencies and propose rules related to digital assets in the UK.
Harris, who has led the New York regulator since 2022, previously worked at the White House under President Barack Obama. In October, she spoke at a Ripple Swell event, advising US crypto firms to communicate with regulators before launching services.
It’s unclear what the results could be from the exchange program for either the US or UK. The Bank of England has been exploring the implementation of a central bank digital currency, while the incoming US presidential administration has suggested opposing the launch of any government-backed digital dollar.
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