News In Brief - September 9, 2021

September 9, 2021
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Adrienne Harris is to be the next leader of the New York State Department of Financial Services, while the U.S. Securities and Exchange Commission is investigating Uniswap, a global DeFi (decentralised finance) exchange.

New Head for NYSDFS

Governor Kathy Hochul of New York has nominated Adrienne Harris as the next superintendent of the New York State Department of Financial Services. She used to be a top economic advisor to President Obama.

Harris began her career as an associate at Sullivan & Cromwell LLP in New York City, representing firms in litigation and regulatory matters, before going to the Treasury to serve Obama. She then worked at the White House as special assistant to the President for economic policy, sitting on the National Economic Council. One of her main concerns was the implementation of the Dodd-Frank Act.

Since leaving the White House in January 2017, Harris served as general counsel and chief business officer and is now an advisor at States Title (now DOMA), which provides title insurance and settlement services in a number of U.S. states. She is also a professor and faculty co-director at the Gerald Ford School of Public Policy's Center on Finance, Law and Policy at the University of Michigan, as well as a senior advisor at the Brunswick Group in Washington.

Uniswap Must Not DeFi SEC

According to unnamed sources of the Wall Street Journal (WSJ), the Securities and Exchange Commission (SEC) is investigating Uniswap, a global DeFi (decentralised finance) exchange. The trade press is holding this up as evidence that the SEC does not think that DeFi platforms should be "off limits" for regulators.

The reason for the investigation, according to the WSJ, is that the SEC suspects the existence of irregularities in Uniswap's marketing efforts and relations with its investors.

Uniswap runs on Ethereum. Anyone can use the platform without any need for know your customer (KYC) controls.

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