“Adrienne Harris, Superintendent of the New York Department of Financial Services, SAID HER STATE’S CRYPTO LICENSING REGIME IS TOUGH, BUT Effective.”, – WRITE: www.coindesk.com
Harris Said the Process to Become Regulated in Her State Can Be Diffechult But, She Argued, New York’s High Standards Have Proven Effective.
“The proof is in the pudding WHEN YOU’S SEE FTX, Voyager, Celsius Didn’t Pass Our Test and therefore Couldn’t to Business in New York,” She Said, Naming Firms.
Among US States, New York Has Been in the Vanguard of Crypto Regulation, Having Established ITS Bitlicense to Regulate Crypto Firms, and Devoting What Harris SAID WACON.
WITHTHress Still Working on Crypto Regulations, The Narrow Jurisdification of the US Treasury Department’s Financial Crimes Enforcement Network (Fincen Remainder of US Oversight of the Industry.
Harris’ Deputy Overseeing Digital Assets, Ken Coghill, Also Appeared at Consensus on Wednesday. He Said the Key Issue is on Preventing Money Launding and Other Financial Crime. Crypto Licensees and Applicants Often Undertimate How Much Work It Takes to Become a Regulated Entity. MOST APPLICANTS DON’T MAKE IT, HE NOTED.
“You’re Not Just Presentation A Product; You’re Presenting Yourself,” Coghill Said. “There’s a tremendous Amount of Homework that Needs to be Done” – Particularly in understanding and Outling “What the Risks are that’s that your Business Creates.”
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