In the absence of an American federal framework, the New York regulatory regulatory regime remains a guide for national and international regulators, and this includes Congress, Adrienne Harris, head of the New York Financial Services Department, said on Wednesday at Consensus 2025 in Toronto.
Harris said that the process that should be regulated in its state can be difficult, but it has argued, the high new York standards have proven to be effective.
“The proof is in the pudding when you see that FTX, traveling, Celsius did not succeed in our test and could therefore not do business in New York,” she said, appointing companies that have collapsed spectacularly.
Among the American states, New York was at the forefront of cryptographic regulations, having established its applied bit to regulate cryptographic companies and devote what Harris said they were a staff of 60 people at work.
The congress still working on cryptographic regulations, the close jurisdiction of the network for applying financial crimes of the US Treasury Department (Fincen) remains the only monitoring at the federal level, so that states represent the rest of the American surveillance in industry.
Harris deputy supervising digital assets, Ken Coghill, also appeared on Wednesday in consensus. He said the key problem was to prevent money laundering and other financial crimes. License holders and cryptographic candidates often underestimate the quantity of work necessary to become a regulated entity. Most candidates do not do so, he noted.
“You are not just a product; you present yourself,” said Coghill. “There is a huge amount of duties that must be done” – in particular by understanding and describing “what the risks are that your business creates”.
