New York Department of Financial Services (NYDFS) head Adrienne Harris recently sat down with Ripple chief legal officer Stuart Alderoty to discuss cryptocurrency regulation at the Ripple Swell event in Miami, Florida.
The discussion revolved around the different approaches taken by various regulatory organizations at the state and federal levels and how stakeholders in the cryptocurrency industry can best navigate the sometimes murky waters.
Five-year plan
According to Harris, the best thing cryptocurrency firms can do when it comes to dealing with government regulations is to be up-front and proactive when it comes to dealing with regulators.
Adrienne Harris and Stuart Alderoty at Ripple Swell 2024. Source: Cointelegraph
Midway through the conversation, Alderoty asked Harris “What advice would you give the industry when we show up to talk to regulators?”
Her response:
“You should never ever surprise your regulator. We don’t like surprises. The best advice I can give is that if we read about it before we hear about it, we’re already on the wrong foot.”
Harris said that regulators shouldn’t find out about problems in the cryptocurrency industry via the news media but, instead, expect open communication with companies and their legal representatives.
Citing New York’s progressive views on cryptocurrency — relative to US federal regulations — Harris said cryptocurrency firms should “come in, talk to us about your five-year business plan.”
Cryptocurrency regulation
The US has seemingly lagged behind Europe and many other jurisdictions when it comes to cryptocurrency regulation.
Initially, the 2024 US presidential election appeared as though it could become a referendum on cryptocurrency policy and agenda — at least for those in the crypto industry. However, both presidential candidates have expressed positive sentiments toward the crypto sector during their campaigns.
This has left supporters in the industry divided with some supporting Donald Trump, citing incumbent president Biden’s lack of regulatory progress and others in favor of Kamala Harris’ seemingly progressive economic platform.
As Cointelegraph recently reported, Ripple co-founder and executive chairman Chris Larsen contributed XRP valued at about $1 million to the Harris campaign.
Trump’s team, meanwhile, says it’s had 100,000 sign-ups for its World Liberty Financial token project.
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