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New York shapes the future of global cryptocurrency
The Importance of New York in the Cryptocurrency Ecosystem
Adrienne Harris, the director of the New York State Department of Financial Services (NYDFS), emphasized New York's important role in shaping legal frameworks for digital assets. In a seminar in Toronto, she stated that New York is frequently asked to provide regulatory guidance to federal lawmakers.
In the past, NYDFS was criticized for being too strict and lacking resources. Harris has improved the situation by establishing a stronger cryptocurrency oversight team. She took on the director position in September 2021 and has since issued nine new regulations, making it quite difficult to obtain a BitLicense or a limited purpose trust.
The Challenges of Cryptocurrency Companies
FTX, Voyager, and Celsius all filed for bankruptcy in 2022, failing to meet the standards of NYDFS. FTX founder Sam Bankman-Fried and Celsius Network's Alex Mashinsky were sentenced to 25 and 12 years in prison, while Steven Ehrlich from Voyager is facing legal charges.
Legal Prospects of Stablecoin
In 2025, the legal issue surrounding stablecoins has become the focal point for many cryptocurrency activists. However, disputes arose when the Democratic Party withdrew from the GENIUS Act due to concerns about former President Trump's cryptocurrency activities. Nevertheless, Harris still hopes that Congress will pass legislation on stablecoins.
Role of NYDFS
NYDFS has been actively involved in reviewing draft laws, providing feedback and technical support. New York aims to maintain its position as the primary pathway for cryptocurrency companies. According to Harris, any laws related to stablecoins are thoroughly analyzed by NYDFS to contribute opinions.
Conclusion
New York is persistent in maintaining an active role in regulating the cryptocurrency sector. The changes in the level of rigor and the enhancement of resources have strengthened the position of NYDFS in the eyes of federal lawmakers. This demonstrates the dynamic growth of the cryptocurrency market under the pressure of strict regulations.
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