New York has 'outsized role to play' in crypto ecosystem — State regulator head
Adrienne Harris, head of the New York State Department of Financial Services (NYDFS), emphasized New York's significant role in shaping crypto regulations. During a panel at Consensus 2025, she noted that federal lawmakers often seek guidance from NYDFS on regulatory processes. Harris acknowledged past challenges, stating the NYDFS was "unnecessarily tough" but has since become "tough but fair," with the digital currency oversight team doubling in size. Crypto businesses in New York require a BitLicense or limited-purpose trust charter, with nine new regulatory guidance pieces added. Harris highlighted that companies like FTX, Voyager, and Celsius failed to meet NYDFS standards before their bankruptcies. She expressed optimism for future stablecoin legislation, despite recent bipartisan disputes, and confirmed ongoing collaboration with Congress on crypto regulations. The NYDFS aims to remain a supportive regulatory environment for crypto companies.
