As the 2024 US presidential election approaches, cryptocurrency regulation is at the center of political debate. Adrian Harris, director of the New York State Department of Financial Services (NYDFS), has emerged as one of the most influential figures in cryptocurrency regulation in the United States.
She recently appeared at the Ripple Swell event in Miami, where she shared important advice with industry leaders on navigating the regulatory landscape. Harris emphasized the importance of transparency and proactive communication between cryptocurrency companies and regulators to avoid unnecessary pitfalls.
Harris sat down with Stuart Alderroti, Ripple's chief legal officer, to candidly discuss the often difficult regulatory environment for cryptocurrencies in the United States. Her key message to crypto companies was clear: It's about maintaining open and continuous communication with regulators.
“Never surprise the regulators. We don't like surprises.”
Adrian Harris
Harris advised companies to speak up about potential challenges and developments, rather than surfacing them through the media.
He stressed that regulators need to hear directly from companies before issues become public. “If we read about it before we hear about it, we're already on the wrong path,” Harris said. Her stance reflects New York state's relatively progressive approach to cryptocurrency regulation, which is seen as more industry-friendly than federal rules.
Harris also advised companies to engage with regulators early, especially when presenting long-term strategies. “Now talk about your five-year business plan,” she said, stressing the importance of building trust with regulators. By doing so, companies can better navigate the evolving regulatory environment and avoid unnecessary disputes.
The future of cryptocurrency regulation in the United States remains uncertain, with the 2024 presidential election potentially leading to major changes. Both major candidates, former President Donald Trump and Vice President Kamala Harris, have changed their stances on the crypto sector.
Ripple co-founder Chris Larsen has already endorsed Kamala Harris, donating $1 million worth of XRP to her campaign. Her platform is considered economically progressive and has received attention from some in the crypto community. Meanwhile, Trump's team launched its own blockchain initiative, the World Liberty Financial Token Project, which has attracted more than 100,000 registrations.
