US State Regulator Says National Cryptocurrency Laws Should Be Like New York’s
The New York-based Department of Financial Service (DFS) superintendent became a part of the country-wide debate on regulation after the decline of FTX. In the view of Adrienne Harris, any upcoming federal-level legislation of crypto should not supersede the regulatory regimes. She, while discussing the subject of the regulation of digital assets, suggested that Washington-based policymakers should closely examine the regulatory regime of New York.
DFS Superintendent Says the Crypto Laws of the US Should Be Like Those of New York
As per her, they would wish to have an agenda on the national scale to resemble what is possessed by New York because it is turning out to be a considerably sustainable and robust regime. She pointed toward the requirement for additional (rather than less) regulation. Harris specified that New York has a comprehensive procedure for registration, taking into account the evaluation of the institutional structure of the firm.
In her words, the respective process also involves the financial statements, the suitability of the organization’s executives, as well as Know Your Customer and Anti-Money Laundering regimes. She focused that the respective things that would guarantee the financial security of the investors. While Harris was providing her point of view in the same discussion, peter Marton (who is also her colleague and the virtual currency head at NYDFS), additionally commented on the topic.
Marton highlighted that BitLicense has never been provided to the crypto exchange FTX to carry on its operations in the state. BitLicense, which was introduced a few years back in 2015, is well-known to be a hardly obtained license. In this respect, Eric Adams (the mayor of New York City) condemned the license in harsh words. He has been making a strategy to establish NYC as the hub of the crypto market for a short time.
Regulatory Agenda of DFS Stresses on a Complete Backup of Stablecoins with Reserves
In June this year, regulatory guidance was issued on the behalf of DFS for the stablecoins backed by the US dollar. In line with the agenda, reserves must be utilized to completely support a stablecoin as of each business day’s end.
In addition to this, the framework focused on the point that the issuer of a stablecoin requires possessing a redemption policy that should have been already authorized under the DFS. In this way, the agenda added, a right would be given to the holder of the respective stablecoin to redeem it for the United States dollars.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.
