NYDFS taps former DOJ attorney as deputy virtual currency chief

NYDFS taps former DOJ attorney as deputy virtual currency chief

Debra Brookes’ new role with the New York State Department of Financial Services may suggest more of a focus on regulation through enforcement.

An attorney who has been working at New York’s Department of Financial Services, or NYDFS, since 2013, Brookes has served in key roles in the department’s Enforcement Division, Financial Frauds and Consumer Protection Division, and Consumer Protection and Financial Enforcement Division before becoming deputy virtual currency chief for its Research and Innovation Division in March. Prior to that, she worked as a trial attorney with the United States Department of Justice for five years, leading and participating in “complex white-collar investigations.”

Our top trading bots

Though the former DOJ attorney’s views on crypto have not been widely reported, she did contribute to a NYDFS report about the July 2020 hack on Twitter, which resulted in many high-profile accounts sending tweets fraudulently promising followers that they would double Bitcoin (BTC) payments sent to a specific address. That report concluded that “cryptocurrency companies had robust programs around cybersecurity, fraud-prevention, and anti-money laundering programs.”

With regulatory authority over many crypto exchanges and firms, the NYDFS has approved Goldman Sachs-backed crypto custodian BitGo to operate as an independent custodian in New York. The regulator has also granted BitLicenses — digital currency licenses that allow firms to do business with customers and companies based in the state — to both global crypto payments processor BitPay and institutional cryptocurrency exchange Bakkt. 

Brookes works under Jon Blattmachr, who has been the NYDFS' virtual currency chief since October 2020.

Continue reading on Cointelegraph
Traders search for bearish signals after Bitcoin futures enter backwardation
An unusual phenomenon called 'backwardation' is taking place in Bitcoin (BTC) futures trading, mainly the June contract, which expires on June 25. The fixed-month...
Chia raises $61M for ‘eco-friendly’ crypto despite critics
Blockchain startup “Chia Network” has raised $61 million in a funding round which included investment from top venture capital firms Andreessen Horowitz...
All hail the Shiba? Rise of Dogecoin pretenders fueled by meme frenzy
Shiba Inu (SHIB) has been the talk of the cryptoverse and mainstream media recently. It is a meme coin themed around the Shibu Inu dog, a Japanese dog breed...
Inflation winds stiffen as Bitcoin ballast on balance sheets proves its value
As corporate finance leaders prepare to set sail into the post-COVID-19 world amid inflation storm warnings, an increasing number of corporations are taking...
Investment bank Cowen set to offer institutional-grade crypto custody
Cowen Inc., an independent American investment bank established over a century ago, is set to become the latest mainstream financial services company to...
Here’s why Ethereum, Aave, ALPHA are unfazed by Bitcoin’s latest ‘Elon candle’
Bitcoin (BTC) and altcoins’ markets lost a combined total of up to $602 billion overnight in a shocker brought forth by Elon Musk.The billionaire entrepreneur...
Ethereum price hits $3.5K record as Winklevoss exchange adds Dogecoin
Ether (ETH) hit $3,500 on May 4 as the star of this week's altcoin rally battled Dogecoin (DOGE) for returns supremacy.ETH/USD 1-hour candle chart (Bitstamp)....
England’s central bank moves ahead with CBDC with 7 job postings
The United Kingdom’s central bank, the Bank of England, or BoE, still maintains that it is unsure on a path forward regarding a central bank digital currency,...
Tether’s reserves are fully backed, according to latest assurance opinion
Moore Cayman, a Cayman Islands-based accounting network, has again affirmed that Tether Holdings Limited’s USDT stablecoin tokens are fully backed by its...
Here’s why bulls aren’t buying the Bitcoin price dip to $50,000
Bitcoin (BTC) has been bouncing at the $51,000 support for the past 44 days. Typically, this would be interpreted as a positive occurrence, especially considering...
Cathie Woods' Ark buys a further $110M worth of Coinbase shares
Three exchange-traded funds offered by Cathie Wood’s Ark Invest, including the flagship Ark Innovation ETF, all added further shares in Coinbase (COIN)...
Next up, Bitcoin ETF by Fidelity: Crypto funds batting .000 against SEC
With more than 35 million customers, $21 billion in revenues and $3.8 trillion in discretionary managed assets, Fidelity Investments is one of the largest...
Waves Enterprise expands to Singapore to pursue hybrid blockchain adoption
Waves Enterprise has onboarded Tokenomika Pte Ltd., a Singapore-based fintech company, as an operator for its hybrid public-private blockchain. Tokenomika...
Pantera Capital CEO Says Bitcoin Will Come Back to its Highs in a Few Weeks
After a week of drastic, preferably downward, gyrations, the king of all cyber assets ought to take precedence, reaching top rates, within the following...
Head of Russia’s Largest Bank Says Cryptos Should Not Be Banned
Digital assets should not be tabooed by governments. Such an opinion expressed Herman Gref, the head of Russia’s largest and most known bank Sberbank....