According to Compliance Week:
• “The New York Department of Financial Services (NYDFS), led by Superintendent Adrienne Harris, doesn’t intend to let up on cryptocurrency enforcement, even in the face of pullback from the federal government.”
• “Speaking during a fireside chat at Compliance Week’s 20th National Conference in Washington, D.C., Harris described how her office intends to remain at the forefront of regulating AI, cryptocurrency, and cybersecurity. Its overall mandate is to regulate banks, insurance, and the financial industry, which includes about 3,000 entities and $10 trillion in assets.”
• “We’re going to keep running our drill,” Harris said of cryptocurrency. The NYDFS, which has been regulating cryptocurrency for 10 years and now has a team of 60, requires that businesses get pre-approved before operating a crypto business in New York, Harris said. ‘We’ve become the gold standard for cryptocurrency regulation,’ and other states and jurisdictions, model their programs after that of the NYDFS, she said.”