Adrienne Harris, outgoing head of the NYDFS, supports a “crypto passporting” scheme between the U.S. and the U.K. to streamline crypto regulation and foster a more integrated transatlantic market.
In a pivotal moment for digital-asset oversight, Adrienne Harris, the outgoing superintendent of the New York Department of Financial Services (NYDFS), has voiced her support for creating a “crypto passporting” system between the United States and the United Kingdom. Under this plan, crypto companies licensed in one country could operate in the other without undergoing a full duplicate authorization process — a landmark step toward cross-border regulatory cooperation.
Harris emphasized that the borderless nature of cryptocurrencies requires a coordinated response from regulators. A harmonized framework, she argued, would reduce costs, speed up market entry and strengthen investor protection by establishing shared standards. Her vision aligns with the Transatlantic Taskforce for Markets of the Future, a joint U.S.–U.K. initiative tasked with delivering recommendations within 180 days on how to regulate digital assets and emerging markets.
If implemented, the initiative could be a game-changer. On one hand, it would make it easier for U.S. firms to expand into the U.K. market — and vice versa — boosting investment and innovation. On the other, it could accelerate the rollout of blockchain-based financial products across multiple jurisdictions under clear rules, increasing institutional investor confidence.
Still, Harris acknowledged that the final decision rests with Washington and on both governments’ ability to agree on minimum common standards. The fragmented U.S. regulatory landscape — with agencies like the SEC, CFTC and state-level regulators — remains one of the biggest hurdles to an effective passporting regime.
Potential Impact: Should it move forward, a transatlantic “crypto passporting” system would set a precedent for other economies to adopt similar schemes, creating a more coherent global framework for digital assets. This could lower entry barriers, encourage competition and, in the long run, accelerate mainstream adoption of blockchain technologies in traditional financial services.
