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You are here: Home / Bitcoin Industry News / NYDFS Chief Harris to Leave New York Regulator Next Month

September 29, 2025

NYDFS Chief Harris to Leave New York Regulator Next Month

New York Department of Financial Services Superintendent Adrienne Harris will leave the regulator next month, she announced Monday.

Harris, a former White House special assistant under former President Barack Obama, will depart NYDFS on Oct. 17, 2025, New York Governor Kathy Hochul said in a statement. NYDFS Executive Deputy Superintendent of Research and Innovation Kaitlin Asrow will take over as acting head of the agency. NYDFS was the first state regulator to issue specific rules for crypto firms with its landmark BitLicense, which came into effect 10 years ago.

In statements, Hochul and Harris thanked each other, with Hochul saying 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 first took office as the acting superintendent in August 2021, after Hochul nominated her to the role, and was confirmed by New York’s state senate the following January.

“It feels like yesterday and a lifetime ago, all at the same time,” Harris said of her four-year tenure earlier Monday during an appearance at the Digital Asset Compliance & Market Integrity Summit hosted by Solidus Labs.

In that time, she said, NYDFS had issued 11 different pieces of regulatory guidance to bolster the regulator’s landmark BitLicense.

“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,” she said.

This included guidance for dealing with stablecoins, blockchain analytics and coin listings, among other pieces of information, she said.

“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, much of which have been incorporated — not all — but into the current market structure bill,” she said.

NYDFS also undertook investigations and enforcement actions, including into the Binance dollar stablecoin (BUSD) issued by stablecoin firm Paxos following an investigation dating back to 2023.

Author: Nikhilesh De

Filed Under: Bitcoin Industry News

Expert Witness

Ty Sagalow head shotTy Sagalow's unique background in legal, underwriting, policy drafting and claims – and his designation as a “qualified insurance expert” by the United States District Court for the Southern District of California – offers attorneys an unparalleled resource in D&O, E&O and Cyber insurance coverage disputes. He was also named "Most Helpful Expert" in a recent $8.7M coverage decision.

Mr. Sagalow served as Chief Underwriting Officer and General Counsel for AIG Executive Liability (formerly National Union Fire Insurance Company of Pittsburgh, PA), the world’s largest carrier of Directors and Officers Liability and Professional Liability Insurance. As General Counsel, Mr. Sagalow personally wrote or led teams that wrote all the D&O policies and many of the professional liability policies that AIG produced between 1988 and 2000 – policies which continue to serve as the foundational wording for the D&O and professional liability policies in the market today. As AIG Executive Liability’s Chief Underwriting Officer, Mr. Sagalow was charged with all underwriting interpretations and decisions for AIG D&O/E&O policies. In 2009, Mr. Sagalow headed up the team that rewrote all D&O policies for Zurich North America.

Ty is a cum laude graduate of Georgetown University Law Center and holds a LLM from New York University School of Law.

Bitcoin Insurance

Combining his talents as a network security insurance expert and an insurance product development expert, Ty Sagalow is the leading expert on the unique risk and insurance needs of the bitcoin industry.

With the successful sale of BitSecure(tm), the first bitcoin theft insurance policy in February of 2015, he is the first to create a sustainable, robust insurance policy to cover the theft of bitcoins and other virtual currency backed by an A-Rated, global “top 10” Property and Casualty insurance company.

Company Profile

Innovation Insurance Group is an insurance consulting firm and insurance brokerage founded by 30-year insurance executive, Ty R. Sagalow, former Chief Underwriting Officer, General Counsel and Chief Innovation Officer at AIG, and former Chief Innovation Officer at Zurich, NA and Tower Group. IIG focuses on three core practice groups: product development, expert witness services (primarily in the Management and Professional Liability areas), and bitcoin industry brokerage services.

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