Peter Marton, the Deputy Superintendent of Virtual Currency at the New York State Department of Financial Services (NYDFS), is stepping down. Marton, who took on the role in December 2021, has been a pivotal figure in shaping the state’s approach to cryptocurrency regulation. His exit comes at a critical juncture for the NYDFS, which recently proposed new guidelines for crypto firms looking to list coins in the state. Moreover, the department is actively seeking Marton’s replacement, with a deadline set for October 9, according to a job listing.
Under Marton’s leadership, the NYDFS has been a forerunner in the crypto regulatory landscape. Besides launching the BitLicense program in 2015, the department has granted virtual currency licenses to industry giants like Coinbase, Circle Internet Financial, and Robinhood Crypto.
Additionally, NYDFS Superintendent Adrienne Harris praised Marton’s contributions, stating that he had been “integral to the Department’s transformation of the Virtual Currency Unit.” Harris also highlighted that the department had added more than 60 virtual currency experts to its team during Marton’s tenure.
What lies ahead
The NYDFS is not slowing down despite Marton’s departure. The regulator recently proposed bolstering its oversight of crypto firms, setting new standards for risk assessment. These standards encompass various factors, including fraud, price manipulation, and liquidity. The proposed changes indicate that the NYDFS is committed to maintaining a robust regulatory framework for the burgeoning crypto industry.
Peter Marton’s exit raises questions about the future direction of the NYDFS and its approach to crypto regulation.
His move to the private sector, as confirmed by a spokesperson to the Wall Street Journal, adds another layer of intrigue to the unfolding narrative. Before joining the NYDFS, Marton was a director of digital assets at the Promontory Financial Group, affiliated with IBM Consulting. Hence, his expertise in both the public and private sectors makes his next move a subject of keen interest.
Significantly, the NYDFS is currently in the process of finding a suitable replacement for Marton. The new candidate will be responsible for the overall management of BitLicense applications, examinations, and ongoing supervision, according to the job posting. However, filling Marton’s shoes will be no small feat, given his substantial contributions to the department’s initiatives.