Adrienne Harris, the pinnacle of the New York State Division of Monetary Providers (NYDFS), mentioned New York has an “outsized function to play” within the crypto ecosystem, notably in shaping regulatory frameworks for digital property.
Throughout a panel on Might 14 at Consensus 2025 in Toronto, she mentioned the NY property is steadily requested to supply steering on regulators. “With respect to federal regulation and laws […] members of Congress are sometimes coming to us [NYDFS] asking about our course of, about our rules, about steering, how they need to be occupied with laws,” Harris mentioned.
In response to Harris, the NYDFS was “unnecessarily robust” and lacked sources prior to now. Now, beneath her purview, she mentioned the NYDFS is “robust however honest,” noting that the digital foreign money oversight staff has since doubled in dimension.
Harris took over as superintendent of the NYDFS in September 2021 after spending time working within the instructional, nonprofit, and personal sectors. In New York State, crypto companies should both get hold of a BitLicense or a limited-purpose belief constitution.
“We have added 9 items of regulatory steering, so it is nonetheless very robust to get a BitLicense or a limited-purpose belief constitution,” Harris mentioned. “However I believe […] the proof is within the pudding whenever you see that FTX, Voyager, Celsius, did not go our take a look at and due to this fact could not do enterprise.”
All three of these crypto corporations went bankrupt in 2022. The outcome was a widespread contagion within the trade and years-long authorized proceedings. FTX’s founder, Sam Bankman-Fried, and Celsius Community’s Alex Mashinsky had been sentenced to 25 and 12 years in jail, respectively. Voyager’s founder, Steven Ehrlich, is facing legal charges for allegedly misleading customers.
Associated: NYC Mayor doubles down on crypto push ahead of city summit
Harris ‘hopeful’ for stablecoin laws
Stablecoin laws has been a subject on the forefront of many crypto trade advocates in 2025. Lately thought-about a bipartisan endeavor, it devolved right into a dispute on Might 8 when Democrats withdrew support for the GENIUS Act over issues about President Trump’s crypto ventures.
Nonetheless, Harris stays “hopeful” Congress will finally go stablecoin laws.
We have been working with Congress on all of the variations of their crypto and stablecoin laws now during the last three years nearly.
In response to Harris, all latest laws tied to stablecoin regulation has been reviewed by New York officers.
“There is not a model of any of these payments, be it Home or Senate, R’s or D’s, that do not come to satisfy to the staff to say, give us your suggestions, give us your technical help, your insights right here,” she mentioned, including that almost all of those options have been included into legislations.
The NYDFS, in response to Harrus, nonetheless needs to be “a state path for crypto corporations.”
Journal: Bitcoin payments are being undermined by centralized stablecoins
