In a significant shift for one of the country’s most influential financial regulatory bodies, Adrienne Harris, Superintendent of the New York Department of Financial Services (NYDFS), has announced her departure. Harris, who has served since August 2021, will officially step down on October 17, 2025. The announcement was confirmed by New York Governor Kathy Hochul in a statement on Monday. Kaitlin Asrow, NYDFS Executive Deputy Superintendent of Research and Innovation, will temporarily assume Harris’s responsibilities, stepping in as acting head of the agency.
A Legacy of Regulatory Evolution
Adrienne Harris’s tenure at the NYDFS has been marked by a period of dynamic evolution in the financial and cryptocurrency sectors. Originally appointed by Governor Hochul, Harris was confirmed by the New York State Senate in January 2022. Reflecting on her four-year journey during a recent appearance at the Digital Asset Compliance & Market Integrity Summit, hosted by Solidus Labs, Harris remarked, “It feels like yesterday and a lifetime ago, all at the same time.”
During her time with the NYDFS, Harris oversaw the issuance of 11 distinct pieces of regulatory guidance to enhance the landmark BitLicense framework. The BitLicense, introduced in 2015, was the first state-specific regulatory scheme for cryptocurrency firms, aiming to provide clarity and structure in a rapidly evolving market.
Strengthening the BitLicense Framework
The cryptocurrency landscape has undergone significant transformation since the BitLicense’s inception. Harris recognized the need for an updated, robust regulatory framework to address the sector’s complexities. “The industry had already changed so much from 2015 to 2021 when I came in. It felt really important that we start to add meat to the bones of the regulation,” Harris noted.
Under Harris’s leadership, the NYDFS introduced guidance on various aspects of the cryptocurrency market, including stablecoins, blockchain analytics, and coin listings. These measures were designed to provide clearer operational guidelines and foster innovation while ensuring consumer protection and market integrity.
A Trusted Advisor in a Bipartisan Landscape
Harris’s influence extended beyond state borders, as she became a valuable resource for federal lawmakers. “I think it’s a real testament to what we’ve done out of DFS that folks in both chambers of Congress, folks on both sides of the aisle, come to us for our technical expertise, for advice, for edits,” she said. Many of her insights have been integrated into the current market structure bill, underscoring NYDFS’s role as a thought leader in financial regulation.
Navigating Challenges and Enforcement Actions
The past few years have not been without challenges. Harris’s tenure saw the NYDFS engage in critical investigations and enforcement actions, including a notable probe into the Binance dollar stablecoin (BUSD) issued by Paxos. This investigation, initiated in 2023, highlighted the department’s commitment to maintaining transparency and accountability within the cryptocurrency industry.
Looking Ahead: Kaitlin Asrow Steps In
As the transition of leadership approaches, Kaitlin Asrow is poised to take the helm, albeit temporarily. Asrow’s extensive experience in research and innovation will be instrumental in guiding the NYDFS through this pivotal period. Her leadership is expected to maintain the momentum established by Harris, ensuring the department continues to adapt to the evolving financial landscape.
A Future of Continued Innovation
Governor Hochul praised Harris for her unwavering dedication to enhancing New York’s financial system, stating, “Harris worked every day to make our financial system work for New Yorkers, while also rebuilding the Department into a regulator fit for the financial capital of the world.”
Harris’s departure marks the end of a chapter filled with significant regulatory advancements and industry collaboration. Yet, it also sets the stage for continued innovation and adaptation under new leadership. Asrow’s interim role presents an opportunity for the NYDFS to build on its achievements, fostering a financial environment that balances innovation with regulation.
In the ever-evolving world of cryptocurrency and finance, NYDFS stands as a beacon of regulatory foresight and adaptability. With Asrow at the interim helm, the department is well-positioned to navigate the challenges and opportunities that lie ahead, ensuring New York remains at the forefront of financial regulation.
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
