Adrienne Harris, the Superintendent of the New York State Department of Financial Services (NYDFS), emphasized the crucial role New York plays in the cryptocurrency ecosystem, particularly in shaping regulatory frameworks for digital assets. Speaking at Consensus 2025 in Toronto on May 14, Harris highlighted how the NYDFS is frequently sought after for guidance by regulators and lawmakers. She mentioned that even members of Congress often consult the NYDFS regarding regulations and legislative matters related to digital currencies. Harris took over as superintendent in September 2021 and has since focused on making the NYDFS more efficient and transparent. Under her leadership, the digital currency oversight team has doubled in size, signaling a more robust regulatory environment. In New York, crypto businesses must obtain a BitLicense or a limited-purpose trust charter, a process that Harris described as stringent but necessary. She pointed out that companies like FTX, Voyager, and Celsius failed to meet regulatory standards and consequently went bankrupt in 2022, leading to legal issues for their founders. Despite challenges, Harris expressed optimism about the future of stablecoin legislation, acknowledging ongoing collaboration with Congress to shape regulations. She highlighted New York’s active role in providing feedback and technical assistance to lawmakers drafting stablecoin-related bills, emphasizing the state’s commitment to being a leader in regulating crypto companies. The NYDFS continues to advocate for a balanced approach to crypto regulation, aiming to create a conducive environment for innovation while ensuring consumer protection.