Regulation
NYDFS Strengthens Cryptocurrency Oversight With Veteran Dubai Regulator
The New York State Financial Regulatory Authority has appointed Kenneth Coghill, a former senior official at Dubai’s financial regulator, as the new deputy superintendent of virtual currency at the New York State Department of Financial Services (NYDFS).
Coghill, who began his role on Thursday, previously served as director and head of innovation and technology risk oversight at the Dubai Financial Services Authority (DFSA). At the DFSA, Coghill led initiatives focused on regulating emerging technology-based business models, including cryptocurrency service providers and alternative lending platforms. His extensive experience also includes a stint as head of market regulation at Cboe Options Exchange and a previous stint as an options trader.
Coghill takes over the role previously held by Peter Marton, who left in October to join Fireblocks, a leading cryptocurrency platform, as director of digital identity. Marton’s transition is part of a broader trend of regulatory professionals moving into key positions within the rapidly evolving cryptocurrency industry.
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The appointment follows the NYDFS’s recent hiring of John Melican as deputy superintendent of limited-purpose trusts and virtual currencies. Melican, who succeeded David Hunter, a former bank examiner at the Office of the Comptroller of the Currency, brings his experience as a former chief legal officer at blockchain analytics firm Elliptic to his new role. His responsibilities will include overseeing and reviewing entities seeking to establish trusts in New York and evaluating their applications, with a focus on custody, tokenization and the launch of stablecoins, which are digital currencies pegged to traditional currencies like the U.S. dollar.
NYDFS’s strategic hires underscore its commitment to maintaining robust oversight of the cryptocurrency industry amid its rapid expansion. By integrating seasoned professionals with deep expertise in financial technology and market regulation, the agency aims to ensure the integrity and stability of New York’s financial landscape in the face of burgeoning digital innovation.
Source: News from WSJ