Harris stated, “Members of Congress regularly approach us [NYDFS] for information about our procedures, regulations, and advice on how to approach legislation concerning federal regulation and legislation.”

Harris acknowledged that the NYDFS had been “unnecessarily harsh” and resource-deficient in the past. However, she noted that the NYDFS now operates on a “tough but fair” basis under her leadership, with the digital currency oversight team having since doubled.

Before assuming her role at the NYDFS in September 2021, Harris had worked in the education, nonprofit, and private sectors. In New York State, crypto businesses must secure a BitLicense or a limited-purpose trust charter. Harris said, “We’ve added nine new regulatory guidelines, so securing a BitLicense or a limited-purpose trust charter remains quite challenging.”

However, the stringent regulations have proven their worth. Crypto companies such as FTX, Voyager, and Celsius, which failed to meet NYDFS standards and subsequently went bankrupt, stand as examples. Legal proceedings against these companies have taken years and caused industry-wide disruptions. FTX’s founder, Sam Bankman-Fried, and Celsius Network’s Alex Mashinsky received prison sentences of 25 and 12 years respectively, while Voyager’s founder, Steven Ehrlich, is currently facing legal charges for alleged customer deception.

Despite recent disputes over the GENIUS Act, Harris remains “hopeful” that Congress will eventually pass stablecoin legislation. She stated, “We’ve been collaborating with Congress on various aspects of their crypto and stablecoin legislation for nearly three years now.”

Harris also revealed that all recent legislations related to stablecoin regulation have undergone scrutiny by New York officials. “There isn’t a version of any of those bills, whether they’re from the House or Senate, Republicans or Democrats, that doesn’t seek feedback from our team,” she stated, adding that most of these suggestions have been integrated into the legislations.

According to Harris, the NYDFS continues to aim to be “a state path for crypto companies.”

The post New York’s Significant Influence on the Crypto Ecosystem: Insights from NYDFS Head appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Novogratz said, I don’t believe that Bitcoin may rally quite aggressively till the time we get some kind of pause. He said this during one of the TV interview. At the same time, Novogratz even noted that he also had earlier forecast for the 2022 array of $30,000 and $50,000 for the Bitcoin. This was little changed on Tuesday about $39,200 that was in the trading of New York.

Bitcoin – Biggest cryptocurrency

The biggest digital asset through market value had also surged previous year to the record highest with various risk assets for the reason of the pandemic related to the liquidity which has been provided by Fed.

Now with Fed which is about to tighten, the investors are also now in the phase of re-evaluating the entire risk. This is with the consequences of war in between Russia and Ukraine.

Basically, Bitcoin is the quite fascinating narrative story. It is about bringing people in the community. It is quite difficult to bring in the new people when the house is on the fire.  Because of war in the Ukraine that is contributing to the volatility of the market. That about the zero chance, even the Russian government may also use the crypto currencies for avoiding the sanctions. There is something which few lawmakers have also expressed concern.

Novogratz even called for the BitLicense of New York, it also required for the crypto businesses in such kind of state which is to be canceled. He then said, that we got rid from BitLicense. It’s quite difficult to do the business in the state of New York because of such kind of the requirement.

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