According to a recent exclusive report by FOX Business, Peter Marton, the Deputy Superintendent of Virtual Currency at the New York State Department of Financial Services (NYSDFS), will be stepping down from his esteemed position come September 29. This significant shift marks the end of Marton’s influential contribution to the regulatory environment.

While an official public announcement is yet to be made, an internal memo reveals that Marton’s decision to resign stems from his intent to explore private sector opportunities. Adrienne Harris, the Superintendent of the NYSDFS, has expressed her admiration for Marton’s work, praising him for assembling what she believes to be “the largest and most talented team of virtual currency regulators in the nation.”

With Marton’s departure, the NYSDFS is wasting no time in scouting for a deserving successor. The department’s website has already posted the open position, urging potential candidates to fill Marton’s shoes. The application process is set to conclude by October 9.

The NYSDFS is widely recognized for its stringent cryptocurrency regulations, most notably the requirement for every crypto business in the state to obtain a “BitLicense” before operating. Although this emphasizes the influence of the NYSDFS in the crypto space, it has also faced criticism from the industry.

Under the combined leadership of Harris and Marton, the NYSDFS has granted only six BitLicenses in the past year, leading to concerns of excessive rigidity in the approval process. Additionally, the department has taken tough actions against major entities such as Coinbase and Robinhood for violations of anti-money laundering norms.

In April, the NYDFS introduced a new rule that mandates licensed crypto firms to cover supervisory costs. This move particularly targeted New York crypto firms registered under the BitLicense. According to Bitcoinist, the aim of this regulation is to equip the department with additional tools and resources to effectively regulate the virtual currency industry as it continues to evolve.

As Peter Marton bids farewell to his role as Deputy Superintendent of Virtual Currency at the NYSDFS, his legacy of shaping the crypto regulatory landscape will be remembered. The search for a worthy successor is already underway, as the NYSDFS strives to continue its mission of maintaining a secure and transparent digital asset ecosystem.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The NFT and cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.