Crypto Regulator Peter Motor Resigns, NYDFS Searches for the Next Chief

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Crypto Regulator Peter Motor Resigns, NYDFS Searches for the Next Chief
  • Peter Marton, Deputy Superintendent of Virtual Currency at NYSDFS, is set to depart on September 29.
  • Marton will leave his post to pursue private sector opportunities, according to superintendent Adrienne Harris.
  • NYDFS starts global search for his replacement, praises Marton’s team.

One of the leading figures in cryptocurrency regulation, Peter Marton, is set to depart from his role as the deputy superintendent of virtual currency at the New York State Department of Financial Services (NYSDFS). FOX Business has exclusively learned that Marton’s departure will take effect on September 29, marking the end of his tenure in this critical regulatory condition.

The news of Marton’s departure was revealed through an internal memo, which has not yet been publicly reported. In the memo, department’s superintendent Adrienne Harris confirmed that Marton will be leaving his post to explore opportunities in the private sector.

In her statement, Harris commended Marton for his role in assembling “the largest and most talented team of virtual currency regulators in the nation.” Another spokesperson for the department confirmed Marton’s departure and shared a statement from Harris that said:

As we move forward with a global search for his replacement, I am confident that the team we have put in place will continue to deliver best-in-class results for New York.

The NYDFS has already begun advertising Marton’s vacant position on its website, with an application deadline of October 9. Marton has held the position of virtual currency chief for nearly two years since he got hired in December 2021. During his tenure, he played a pivotal role in shaping major policy decisions concerning digital assets and blockchain technology.

The NYDFS has gained a reputation as one of the most influential crypto regulators in New York. Notably, all crypto companies operating within the state must obtain a “BitLicense,” a specific permit for virtual currency providers.

Critics within the crypto industry have argued that the BitLicense requirements are overly stringent and challenging to obtain. Under the leadership of Harris and Marton, the agency has issued only six BitLicenses over the past year. Additionally, it has imposed several enforcement actions against companies such as Coinbase and Robinhood for violations of anti-money laundering laws.