According to a recent report, Peter Marton, a key figure in the field of cryptocurrency regulation and deputy director of virtual currencies at the New York State Department of Financial Services (NYSDFS), has resigned from Marton’s important position.
The legacy of cryptocurrency regulation: Marton’s tenure at NYSDFS
On September 29, Peter Marton will resign from his position as deputy director of virtual currency at NYSDFS. The remarkable shift, shared exclusively by Fox Business, marks the end of Marton’s contributions to the regulatory environment.
As an internal memo that has not yet been made public explains, the decision stems from Marton’s intention to delve deeper into private sector avenues.
Adrienne Harris, director of the department, echoed Harris’ praise of Marton, praising the former NYSDFS deputy director for assembling what she considers “the largest and most talented virtual currency regulatory team in the country.” efforts made.
As vacancies ensued, NYSDFS did not rest in its efforts to find a suitable successor. The department’s website now lists the vacancy and welcomes candidates to succeed Marton, with the application process due to be completed on October 9.
?Exclusive news: @NYDFS It is seeking to fill the position of deputy director of virtual currency, with current deputy director of virtual currency Peter Marton set to step down at the end of the month. pic.twitter.com/BP3AUAOfUt
— Eleanor Terrett (@EleanorTerrett) September 14, 2023
NYDFS and BitLicense Dispute
NYDFS is known for its strict cryptocurrency regulation. The department is known for requiring every cryptocurrency business in the state to obtain a “BitLicense” before operating. While the request underscored NYDFS’s influence in the crypto space, it also drew criticism.
The crypto community often finds itself at odds with the BitLicense’s provisions, denouncing them as being too restrictive. Under Harris and Marton’s joint leadership, New York’s Department of Financial Services approved just six Bit licenses last year.
This approval process has been further highlighted by the department’s stern action against prominent entities such as Coinbase and Robinhood for violating anti-money laundering norms.
Meanwhile, NYDFS implemented a new rule in April to charge regulatory fees to licensed cryptocurrency companies. According to Bitcoinist, the bill mainly targets New York cryptocurrency companies registered under the BitLicense.
Adrienne Harris, Director of the New York State Department of Financial Services (NYDFS) stated:
As innovators create new products and use cases for digital assets, the regulations provide the sector with additional tools and resources to regulate the virtual currency industry now and into the future.
Featured images from Unsplash, charts from TradingView
