Adrian Harris, head of the New York State Department of Financial Services (NYDFS), stated that the Crypto ecosystem in New York has a “external role”, especially in shaping the regulatory structure for digital assets.
Unanimous in Toronto on 14 May in 2025, during a panel, he said that NY Estate is often asked to provide guidance on regulators. Harris said, “In relation to federal regulation and law (…), Congress members often ask about us (NYDFS), about our rules, about guidance, how they should think about the law,” Harris said.
According to Harris, Nydfs were “unnecessarily difficult” and the past lacking resources. Now, within his scope, he said that NYDFS is “hard but fair”, given that the digital currency oversight team has doubled in size.
Harris took over As Superintendent of NYDFS in September 2021 after spending time in academic, non -profit and private sectors. In the state of New York, Crypto businesses should receive either a bitalisance or a limited-purpose trust charter.
Harris said, “We have added nine pieces of regulator guidance, so it is still very difficult to achieve a bitalisans or limited-based trust charter.” “But I think (…) proof is in the pudding when you see that FTX, Vyzer, Celsius, did not pass our test and therefore could not do business.”
All three crypto companies became bankrupt in 2022. The result was a broad fingering and long legal proceedings in the industry. Founder of FTX, Sam Bankman-FrideAnd Celsius Network Alex Mashesky 25 and 12 years prison were sentenced to prison respectively. The founder of the aergeer, Steven Erlich, is Allegedly facing legal allegations for misleading customers,
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Harris ‘hope’ for Stabecrim law
StableCoin law has been a topic among many crypto industry advocates in 2025. Recently considered a bipartisan attempt, it evolved into a dispute on 8 May when Democrats withdraw support For Talented act On concerns about President Trump’s crypto ventures.
Nevertheless, Harris remains “hope”, the Congress will eventually pass the Stabelcoin law.
We are now working with the Congress on all forms of their crypto and stabelcoin law in about three years in the last three years.
According to Harris, all recent laws related to Stabeloin regulation have been reviewed by New York officials.
He said, “There is no version of any of those bills, whether it is a house or the Senate, R or D, which does not come to meet the team, give us your response, give us your technical support, your insight here,” he said that most of these suggestions have been included in the legislation.
According to NYDFS, Haras, still wants to be “a state route for crypto companies”.
magazine: Bitcoin payment is being reduced by centralized stabelcoin
