NY’s top crypto regulator is leaving office this month

Peter Marton, the head of the virtual currency division at the New York State Department of Financial Services, will leave his position at the end of the month. 

Marton, who started in the role in December 2021, is moving to the private sector, a spokesperson told the Wall Street Journal. Prior to joining the NYSDFS, Marton worked in digital asset strategy at IBM. 

The NYSDFS spent several months looking to fill the deputy superintendent for virtual currency position prior to hiring Marton. 

The virtual currency division is responsible for regulating crypto financial services and products, most notably the state’s BitLicense program, launched in 2015. The BitLicense is a required certification for businesses looking to engage in crypto business activities, including storing, selling and issuing digital assets in New York. 

The NYSDFS is currently looking for Marton’s replacement, according to a job posting from the agency. 

The candidate should expect to be “responsible for overall management of Bitlicense applications process, examinations, and ongoing supervision of Bitlicense,” per the posting. 

The news comes shortly after the NYSDFS announced it was seeking public feedback on a new proposed rule that would change its listing guidelines for digital assets. 

“This coin-delisting policy must include robust procedures that comprehensively address all steps involved in removing support for a coin” and requires the company to tailor the policy to its “specific business model, operations, customers and counterparties, geographies of operations, and service providers; and to the use, purpose, and specific features of coins being considered,” the agency said.

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