Source: Cointelegraph
Original: “New York State Department of Financial Services (NYDFS) Head: New York Plays an 'Important Role' in the Crypto Ecosystem”
The head of the New York State Department of Financial Services (NYDFS), Adrienne Harris, stated that New York plays an "important role" in the crypto ecosystem, particularly in shaping the regulatory framework for digital assets.
During a panel discussion at the Consensus 2025 conference held in Toronto on May 14, 2025, she mentioned that New York is often asked to provide guidance to regulators. Harris said, "Regarding federal regulation and legislation… members of Congress often come to us (NYDFS) to inquire about our processes, regulations, guidance, and how they should consider legislation."
Harris noted that NYDFS had previously been "too harsh" and lacked resources. Now, under her leadership, she described NYDFS as "strict but fair," pointing out that the size of the digital currency oversight team has doubled.
Harris took over as head of NYDFS in September 2021, having previously worked in education, non-profit, and the private sector. In New York, crypto businesses must obtain a BitLicense or a limited purpose trust license.
She stated, "We have added nine regulatory guidance documents, so obtaining a BitLicense or limited purpose trust license is still very difficult. But I think… it has been proven that FTX, Voyager, and Celsius did not pass our tests and therefore could not operate."
These three crypto companies declared bankruptcy in 2022, leading to widespread repercussions in the industry and years of legal battles. FTX founder Sam Bankman-Fried and Celsius Network's Alex Mashinsky were sentenced to 25 years and 12 years in prison, respectively. Voyager's founder Steven Ehrlich faces legal charges for allegedly misleading customers.
Legislation on stablecoins has been a focal point for many advocates in the crypto industry in 2025. Although it was recently seen as a bipartisan effort, the issue turned contentious after the Democratic Party withdrew support for the GENIUS Act on May 8 due to concerns over President Trump's crypto business.
Nevertheless, Harris remains "hopeful" that Congress will eventually pass stablecoin legislation. She stated:
"For nearly the past three years, we have been working with Congress, participating in discussions about various versions of crypto and stablecoin legislation."
According to Harris, all recent legislation related to stablecoin regulation has been reviewed by New York officials.
She said, "Whether in the House or the Senate, whether Republican or Democrat, not a single version of the bill comes without meeting with our team to request our feedback, technical assistance, and insights." She added that most of these suggestions have been incorporated into the legislation.
According to Harris, NYDFS still hopes to be the "state-level pathway for crypto companies."
Related: CFTC Commissioner to Resign and Become CEO of Blockchain Association
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