New York has a “major role for play” in the ecosystem for encryption – head of state organizer

Adrian Harris, head of the Ministry of Financial Services for the state of New York (NYDFS), said that New York has a “great role in playing” in the ecosystem for encryption, especially in forming the regulatory frameworks of digital assets.

During a committee on May 14, the consensus of 2025 in Toronto, she said that New York drug is often required to provide guidelines for the organizers. “With regard to federal regulation and legislation […] Often members of Congress come to us [NYDFS] Harris said:

According to Harris, NYDFS was “unnecessarily difficult” and lacked resources in the past. Now, according to her jurisdiction, she said NYDFS is “difficult but fair”, noting that the digital currency supervisor team has doubled the size since then.

Harris Take over As a supervisor of NYDFS in September 2021 after spending time working in educational, non -profit and private sectors. In New York State, encryption companies must either get bitlynse or limited -purpose confidence charter.

“We have added nine pieces of regulatory directions, so it is still very difficult to obtain bitlynse or limited purpose trust charter,” Harris said. “But I think […] The guide in candy when you see FTX, Voyageer, Celsius, has not passed our test and therefore could not do commercial work. “

All three encryption companies were bankrupt in 2022. The result was a large -scale infection in industry and legal procedures for a period of years. The founder of FTX, Sam Bankman-PRID, and Celsius Network Alex Mashinsky were sentenced to 25 and 12 years in prison, respectively. Voyageer founder, Stephen Erlich, faces legal accusations of misleading customers who claim.

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Harris “Hope” to legislate Stablecoin

Stablecoin’s legislation was a subject at the forefront of many defenders of the encryption industry in 2025. It was recently considered an endeavor of the two parties, which was transferred to a dispute on May 8 when Democrats withdrew the support of the Genius Law on concerns about President Trump’s encryption projects.

However, Harris is still “optimistic” in the end of the Stablecoin legislation.

We have worked with Congress on all the differences in encryption legislation and niches now almost the past three years.

According to Harris, all recent legislation related to Stablecoin has been reviewed by New York officials.

She said: “There is no copy of any of these bills, whether it is in the House of Representatives, the Senate, R’s or D, which does not come to meet the team to say, give us your notes, and give us your technical assistance, and your vision here,” adding that most of these suggestions have been combined into legislation.

NYDFS, according to Harros, still wants to be “the state’s path for encryption companies.”

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