Debra Brookes’ new position with the New York State Division of Monetary Companies might counsel extra of a concentrate on regulation by enforcemen
Debra Brookes’ new position with the New York State Division of Monetary Companies might counsel extra of a concentrate on regulation by enforcement.
An lawyer who has been working at New York’s Division of Monetary Companies, or NYDFS, since 2013, Brookes has served in key roles within the division’s Enforcement Division, Monetary Frauds and Client Safety Division, and Client Safety and Monetary Enforcement Division earlier than changing into deputy digital forex chief for its Analysis and Innovation Division in March. Previous to that, she labored as a trial lawyer with the U.S. Division of Justice for 5 years, main and taking part in “complicated white-collar investigations.”
Although the previous DOJ lawyer’s views on crypto haven’t been broadly reported, she did contribute to a NYDFS report over the July 2020 hack on Twitter, which resulted in lots of high-profile accounts sending tweets fraudulently promising followers that they’d double Bitcoin (BTC) funds despatched to a selected tackle. That report concluded that “cryptocurrency firms had sturdy packages round cybersecurity, fraud-prevention, and anti-money laundering packages.”
With regulatory authority over many crypto exchanges and companies, the NYDFS has accredited Goldman Sachs-backed crypto custodian BitGo to function as an unbiased custodian in New York. The regulator has additionally granted BitLicenses — digital forex licenses which permit companies to do enterprise with prospects and corporations primarily based within the state — to each world crypto funds processor BitPay and institutional cryptocurrency alternate Bakkt.
Brookes works below Jon Blattmachr, who has been the NYDFS’ digital forex chief since October 2020.