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In the absence of the US Federal Framework, the crypto regulatory regime in New York remains a handbook for domestic and international regulators, and this includes Congress, Adrienne Harris, Head of the Ministry of Finance Service in New York, said on Wednesday in Consensus 2025 in Toronto.
Harris said that the regulation process in its state could be difficult, but claimed that high high standards in New York have proven to be effective.
“The proof is in the pudding when you see that FTX, Voyager, Celsius did not pass our test and therefore could not do business in New York,” she said, named companies that later collapsed.
Among the American states, New York was the pre -regulation of crypto. Regulate the company’s cryptoAnd to give what Harris said he was 60-person staff.
He is still working with Congress on crypt regulations, a narrow jurisdiction of the US Treasury A network for recovering financial crimes (Fincen) remains the only supervision of the federal level, so states represent the rest of the supervision of this industry.
On Wednesday, Harris’s representatives oversee Ken Coghill’s digital assets. He said that the key problem is to prevent money washing and other financial crimes. Crypt holders and candidates often underestimate how much work it takes to become a regulated entity. Most candidates will not, he noted.
“You not only present the product; you present yourself,” Cagill said. “There is a huge number of domestic tasks to be done” – especially in understanding and outline “what risks are, that your company creates.”
