In the absence of a federal framework from the United States, the New York Cryptographic Regulatory Regime remains a guide for national and international regulators, and that includes Congress, Adrienne Harris, head of the New York Financial Services Department, said Wednesday in consensus 2025 in Toronto.
Harris said that the process to regulate in his state can be difficult, but, he argued, the high standards of New York have proven to be effective.
“The test is in the pudding when you see that FTX, Voyager, Celsius did not approve our test and, therefore, could not do business in New York,” he said, naming the companies that later collapsed spectacularly.
Among the US states, New York has been at the forefront of cryptographic regulation, having established its Bitlicense to regulate cryptographic companies and dedicating what Harris said they were 60 people staff for work.
With the Congress that still works in cryptographic regulations, the narrow jurisdiction of the Financial Crime Control Network of the Department of Treasury (FINCEN) of the United States Department of the Treasury remains the only federal level supervision, so that the states represent the rest of the supervision of the United States of the industry.
The deputy of Harris who supervises digital assets, Ken Coghill, also appeared in consensus on Wednesday. He said the key issue is to prevent money laundering and other financial crimes. Bachelor of encryption and applicants often underestimate how much work is needed to become a regulated entity. Most applicants do not succeed, he said.
“You’re not just presenting a product; you’re introducing yourself,” said Coghill. “There are a lot of tasks that must be done”, particularly to understand and describe “what are the risks that your business creates.”
