New York's crypto regulation: Harris calls for clear rules for companies!

New York's crypto regulation: Harris calls for clear rules for companies!

New York has established itself as a central player in regulating the crypto ecosystem. Under the direction of Adrienne Harris, the head of the New York State Department of Financial Services (NYDFS), the state plays a crucial role when it comes to regulatory issues surrounding digital assets. In recent years, oversight of digital currencies has intensified while the NYDFS team has doubled in size to address growing challenges.

The NYDFS is known for its strict requirements, although Harris emphasizes that it is currently perceived as “tough but fair”. Companies that want to operate in the crypto space in New York must obtain a BitLicense or a limited escrow license. These strict conditions explain why major crypto companies such as FTX, Voyager and Celsius failed to meet the requirements and ultimately went bankrupt, triggering a domino effect across the industry in 2022.

The role of the NYDFS

Harris reported during a panel discussion on May 14, 2025 in Toronto that the NYDFS is often asked for regulatory guidance and members of Congress look to the NYDFS for advice on regulation and legislation. The service continually reviews new draft laws and has added nine new regulatory guidelines in recent months that continue to make it more difficult for crypto companies to obtain a license.

There is a particular focus on stablecoins, and increasing emphasis is being placed on stable legal frameworks. Despite the recent political disputes, Harris expresses optimism that Congress will pass appropriate legislation in the near future. The NYDFS is seen as a critical link in reviewing and integrating New York proposals into national legislation.

The path of regulation

Under the supervision of Adrienne Harris, the NYDFS aims to become a leader in crypto regulation and provide a clear path for crypto companies. However, past challenges, including the bankruptcies of prominent firms such as FTX and Celsius, have highlighted the need for more comprehensive and stable regulations. Harris emphasizes that past experiences give the NYDFS the opportunity to act more effectively and fairly.

Close cooperation between the NYDFS and Congress is essential. All current draft bills regulating stablecoins have been reviewed by New York officials, and many proposals have found their way into national legislation. This cooperation could be key to a regulated and stable crypto market in the future.

Overall, it shows that New York has not only taken a leading role in the world of cryptocurrencies, but also continues to be actively involved in formulating the legal framework that is crucial for the industry. Developments in the NYDFS are being followed closely by many observers as they provide data on what future regulation of the globally expanding crypto market could look like.