Pivotal Player in Crypto Regulations Resigns
Peter Marton, the Deputy Superintendent of Virtual Currency at the New York State Department of Financial Services (NYSDFS), has resigned from his esteemed role, according to a recent report. Marton has played a significant role in shaping crypto regulations and his departure marks an end to his contribution to the regulatory environment.
Marton’s Legacy of Crypto Regulation at NYSDFS
On September 29, Peter Marton will step down as the Deputy Superintendent of Virtual Currency at NYSDFS. This notable shift was exclusively shared by FOX Business, highlighting the conclusion of Marton’s tenure in regulating the crypto industry.
According to an internal memo, Marton has decided to explore opportunities in the private sector. Adrienne Harris, the Superintendent of the department, expressed her commendations for Marton, praising his efforts in curating what she believes is “the largest and most talented team of virtual currency regulators in the nation.”
Search for a Successor
With Marton’s departure, NYSDFS has wasted no time in searching for a worthy successor. The department has posted the open position on its website and is actively looking for candidates to fill Marton’s shoes. The application process is set to conclude by October 9.
The NYDFS and the BitLicense Controversy
The NYDFS is well-known for its strict cryptocurrency regulations. It requires every crypto business in the state to obtain a “BitLicense” before operating. While this requirement underscores NYDFS’s influence in the crypto industry, it has faced criticism for being excessively rigid.
Under the leadership of Harris and Marton, the NYDFS has approved only six BitLicenses in the past year. This cautious approval process has resulted in tough actions against prominent entities like Coinbase and Robinhood, who faced penalties for violating anti-money laundering norms.
In April, the NYDFS implemented a new rule that requires licensed crypto firms to pay for supervisory costs. This rule mainly targets New York crypto firms registered under the BitLicense.
According to NYDFS Superintendent Adrienne Harris, this regulation provides the department with additional tools and resources to regulate the virtual currency industry, especially as innovators create new products and use cases for digital assets.
As Peter Marton resigns from his role at NYSDFS, the search for a successor begins. The legacy Marton leaves behind in shaping crypto regulations will undoubtedly influence the future of the industry.
❗Follow us on Twitter to get all the latest crypto news as soon as they're out! 🚀