New York’s financial regulator seeks digital currency, AI expert for policy unit

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The New York State Department of Financial Services (NYDFS) has announced that it is seeking an artificial intelligence (AI) and Web3 expert to assist in formulating consumer protection policies for residents.

According to the job listing, the role falls under the Innovation Policy Unit in its Division of Research and Innovation and is expected to conduct both qualitative and quantitative research to assist the agency. The NYDFS appears to be searching for multiple experts, but it is unclear if the financial regulator wants to create a new division.

The role, dubbed the Program Outreach Specialist, will see successful candidates spearhead projects revolving around digital currencies and the integration of artificial intelligence (AI) into financial systems. The listing reveals that the role will extend to policy issues in insurance and financial technology innovation.

“This position represents a chance to tackle cutting-edge policy issues in financial services in New York, including those related to fintech, insurtech, cryptocurrency, decentralized finance, and the use of artificial intelligence and machine learning by the industry,” read the NYDFS job post.

Focused on external engagement with stakeholders, the duties for the role revolve around the development of conferences for key industry players at the bleeding edge of financial innovation. Successful applicants will be expected to manage the regulator’s ongoing information exchange program between financial agencies.

The role will take the lead in data collection for the agency while assisting in press releases and rolling out publicity materials. It appears that the role will be given additional responsibilities to supervise lower-level staff in the agency, but the listing did not delve into the specifics.

Per the listing, the agency is seeking applicants with at least seven years of experience in publicity of financial innovation, with the addition of a bachelor’s degree, reducing the experience requirement by up to four years. Compensation for the role ranges between $84,156 and $106,454 and is dependent on county location.

A brave attempt at sanitizing the space

In 2015, the NYDFS rolled out BitLicense for firms seeking to offer digital asset services in the state, a move that experts described as pioneering.

However, nine years after introducing the licensing requirement, controversy has trailed the licensing, with several high-profile firms exiting the state over non-compliance.

At the start of the year, analysts amplified their criticism over the absence of proper security checks for new firms intending to acquire licensing, with the NYDFS failing to provide adequate documentation.

In order for artificial intelligence (AI) to work right within the law and thrive in the face of growing challenges, it needs to integrate an enterprise blockchain system that ensures data input quality and ownership—allowing it to keep data safe while also guaranteeing the immutability of data. Check out CoinGeek’s coverage on this emerging tech to learn more why Enterprise blockchain will be the backbone of AI.

Watch: Foundational tech blockchain & AI can reinforce each other