Adrienne Harris, head of the New York State Department of Financial Services (NYDFS), said New York said there is a “outsized role to play” in the crypto ecosystem, especially in shaping regulatory frameworks for digital assets.
In a panel on May 14 in Consensus 2025 in Toronto, he said the NY Estate was often asked to provide guidance to regulators. “In relation to federal regulation and law (…) Congress members often approach us (NYDFS) asking about our process, about our regulations, about guidance, how they should think about the law,” Harris said.
According to Harris, the NYDFS is “not necessarily tough” and has no resources in the past. Now, under his Purview, he said the NYDFS is “tough but fair,” noticing that the digital money management team has been from double in size.
Harris taken As the NYDFS superintendent in September 2021 after spending time working with educational, nonprofit, and private sector. In the state of New York, crypto businesses should get a bitlicense or a limited goal of confidence.
“We have added nine pieces of regulatory guidance, so it’s still hard to get a bitlicense or a limited goal charter of trust,” Harris said. “But I think (…) the proof is in pudding when you see that FTX, Voyager, Celsius, do not pass our test and therefore cannot do business.”
All three of the crypto companies were bankrupt in 2022. The result was a widespread collapse in the industry and long legal proceedings. Founder of FTX, Sam Banke-fryingand Celsius Network’s Alex Mashinsky was punished 25 and 12 years in prison, respectively. Voyager’s founder Steven Ehrlich, is Facing legal charges for alleged misleading customers.
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Harris ‘Hope’ for Stablecoin Law
Stablecoin law became a topic ahead of many crypto industry advocates in 2025. Recently was considered a bipartisan effort, it was that -devoled with a dispute on May 8 when Democrats retreated support For Genius Act In concerns about President Trump’s adventures.
However, Harris remains “with hope” Congress will eventually pass the Stablecoin law.
We have cooperated with Congress with all the differences of their crypto and stablecoin law today in the last three years almost.
According to Harris, all recent laws tied to Stablecoin regulation were reviewed by New York officials.
“There is no version of any of the bills, be it or this Senate, R’s or D’S, which will not come to meet the team to say, give us your comment, give us your technical assistance, your views here,” he said, adding that most of these suggestions are included in the laws.
NYDFS, according to Harrus, still wants to be “a state path for crypto companies.”
Magazine: Bitcoin payments are weakened by centralized stablecoins
