The New York State Department of Financial Services (NYDFS) is actively taking enforcement actions against cryptocurrency companies that fail to comply with regulations. They have previously taken action against major players such as Coinbase and Robinhood. The department has emphasized the importance of following rules and expectations, and they will continue to pursue enforcement actions when necessary. The recent settlement reached between crypto exchange Binance and US regulators has further highlighted the focus on combating illicit finance in the crypto sector. Meanwhile, global regulators are working to establish standards and regulations for the industry. The European Union has implemented the Markets in Crypto Assets regulation, aiming to provide a comprehensive set of rules for the digital asset industry. However, it is important to note that while cryptocurrencies themselves are not inherently illegitimate, they can be used for illicit purposes, and regulations are necessary to address these concerns. Efforts are being made to establish global standards and interoperability for cryptocurrencies. International bodies like the Financial Stability Board and the International Organization of Securities Commissions have issued global standards for countries to adopt.