Adrienne Harris, Superintendent of the New York State Department of Financial Services (NYDFS), asserted that New York holds an “outsized role” in the global cryptocurrency ecosystem, particularly in establishing regulatory frameworks for digital assets. Speaking at Consensus 2025 in Toronto on May 14, Harris highlighted the state’s influence, noting that federal lawmakers frequently consult NYDFS for guidance on crypto legislation.
Under Harris’s leadership since September 2021, the NYDFS has transitioned from being “unnecessarily tough” to adopting a “tough but fair” approach. The department has doubled its digital currency oversight team and issued nine new pieces of regulatory guidance. Harris emphasized the rigor of New York’s licensing process, citing the denial of licenses to firms like FTX, Voyager, and Celsius, which later faced bankruptcy and legal challenges.
Harris expressed optimism about the future of stablecoin legislation, stating that NYDFS has been actively involved in reviewing and providing feedback on various federal proposals over the past three years. She noted that insights from her team have been incorporated into multiple legislative drafts, reinforcing New York’s role as a model for crypto regulation.
Despite ongoing debates at the federal level, Harris reaffirmed NYDFS’s commitment to serving as a state-level pathway for crypto companies, aiming to balance innovation with robust consumer protection.
