As a financial analyst, I’m excited to share that I’ve been tasked with participating in a knowledge-sharing initiative led by the New York Department of Financial Services (NYDFS). This program allows us to delve deeper into the methods foreign regulatory bodies employ when dealing with emerging payment systems and digital assets. The goal is to enhance our understanding and, ultimately, strengthen our own regulatory framework.
In a statement dated January 13th, Harris announced the initiation of the Transatlantic Regulatory Exchange (TRE), which will commence by exchanging senior-level personnel with expertise in digital assets between the New York Department of Financial Services (NYDFS) and the Bank of England. As per the NYDFS superintendent, this program is essential for achieving regulatory alignment.
Engagements with the TRE program, starting from the Bank of England in February, are set to continue for at least half a year. As per Harris, anyone taking part in this program is anticipated to leave New York with expanded insights into managing financial services, particularly digital assets.
In New York State, which hosts numerous businesses that benefit from its favorable business and regulatory climate, the New York Department of Financial Services (NYDFS) plays a key role in regulating cryptocurrencies. Back in 2015, this financial regulator introduced the BitLicense scheme and has since approved projects like Ripple Labs’ RLUSD stablecoin in December.
UK vs. US crypto policies
In Great Britain, financial institutions such as the Bank of England have faced unique hurdles when it comes to governing digital assets like cryptocurrencies. The regulatory division of the central bank, known as the Prudential Regulation Authority, is anticipated to keep track of companies’ involvement with cryptocurrencies and develop guidelines concerning digital assets within the UK.
Since 2022, Harris has been serving as the head of New York’s regulatory body; prior to this role, she worked in the White House during President Barack Obama’s tenure. In October 2024, she delivered a speech at the Ripple Swell conference, encouraging U.S. crypto companies to engage with regulators before introducing their services.
It’s uncertain what impact the exchange program might have on both the U.S. and the U.K., as the Bank of England is currently examining the possibility of introducing a central bank digital currency, whereas the incoming U.S. presidential administration has hinted at resisting the initiation of any government-backed digital dollar.
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2025-01-14 00:50