The New York State Department of Financial Services (NYSDSF) is looking for an artificial intelligence (AI) and crypto expert to fill a vacancy within its Policy Unit. The regulator wants an expert who will help shape the future of finance within the state.

According to the NYSDSF, whoever gets the role would have to deal with “cutting edge policy issues” related to financial services. These include fintech, decentralized finance (DeFi), cryptocurrency, and the application of AI within the financial sector.

New York DFS seeks to engage market participants

A cursory look at the job description shows that the regulator wants someone who will engage with market participants to better understand how to regulate these emerging technologies. This aligns with the general purpose of the Innovation Policy Unit, which is part of the NYSDFS Division of Research and Innovation, which researches and engages stakeholders on innovative topics.

According to the description, the vacancy is for a Program Outreach Specialist who will be responsible for “tracking external engagement with market participants and other regulators.”

Besides that, the candidate will also be involved in shaping the interactions between the NYSDSF and market participants. Other responsibilities include creating press-facing materials and getting stakeholders to participate in workshops and conferences.

The regulator’s focus on an expert on crypto and AI highlights the growing importance of these emerging technologies as they see more applications in the financial sector. New York is generally a pioneer in regulating emerging technologies that impact financial services. It introduced its BitLicense process for crypto firms back in 2015.

Regulators race to counter AI risks

Over the past year, AI has emerged as one of the fastest-growing technological advancements globally, and regulators worldwide are increasing their focus on the sector. So, the New York financial regulator is not the only financial watchdog looking for how to safeguard consumers from the risks of AI.

In Europe, the European Union AI Act, which became effective in August 2024, is one of the most comprehensive regulations for AI so far. However, other regulators have mostly adopted a wait-and-see approach while first tackling the major risks. In the US, the Federal Communications Commission (FCC) recently proposed rules requiring disclosure of AI use for robocalls and has fined illegal use of deepfakes for these automated calls.

Despite efforts to regulate the use of AI, this technology remains prone to malicious use that can cause serious financial harm to consumers. In one recent case, a Hong Kong company lost $25.7 million to a deepfake scam. With tech giants pouring billions into making AI tools more powerful, regulators have an arduous task to protect consumers from the malicious use of these tools.

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