Debra Brookes’ new function with the New York State Division of Monetary Services and products would possibly recommend extra of a focal point on legislation via enforcement.
An legal professional who has been running at New York’s Division of Monetary Services and products, or NYDFS, since 2013, Brookes has served in key roles within the division’s Enforcement Department, Monetary Frauds and Shopper Coverage Department, and Shopper Coverage and Monetary Enforcement Department earlier than turning into deputy digital foreign money leader for its Analysis and Innovation Department in March. Previous to that, she labored as an ordeal legal professional with america Division of Justice for 5 years, main and taking part in “complicated white-collar investigations.”
Regardless that the previous DOJ legal professional’s perspectives on crypto have no longer been extensively reported, she did give a contribution to a NYDFS file concerning the July 2020 hack on Twitter, which led to many high-profile accounts sending tweets fraudulently promising fans that they’d double Bitcoin (BTC) bills despatched to a selected deal with. That file concluded that “cryptocurrency corporations had tough techniques round cybersecurity, fraud-prevention, and anti-money laundering techniques.”
With regulatory authority over many crypto exchanges and corporations, the NYDFS has licensed Goldman Sachs-backed crypto custodian BitGo to operate as an independent custodian in New York. The regulator has additionally granted BitLicenses — virtual foreign money licenses that let companies to do industry with shoppers and corporations based totally within the state — to each world crypto payments processor BitPay and institutional cryptocurrency trade Bakkt.
Brookes works underneath Jon Blattmachr, who has been the NYDFS’ digital foreign money leader since October 2020.