New York State has been a dominant player in crypto regulation for over a decade, establishing the first comprehensive regulatory framework in the United States. The New York Department of Financial Services (NYDFS) issued the first BitLicense to Circle Internet Financial in 2015, paving the way for other firms like Ripple Markets to enter the industry. Today, NYDFS is considered the gold standard for crypto regulation in the US, overseeing a significant number of crypto firms globally. Ken Coghill, NYDFS\u2019s deputy superintendent for virtual currencies, discussed \u201cA New Era of U.S. Innovation in Crypto\u201d at Cornell Tech\u2019s blockchain conference, emphasizing the importance of guardrails in regulating crypto businesses. With the rise of conventional financial institutions entering the crypto space, the NYDFS is prepared to handle a surge in applications from traditional finance firms interested in crypto activities. Coghill’s experience in Dubai and the Middle East has shaped his approach to crypto regulation, focusing on applying appropriate guardrails to reduce risk to clients while allowing business activity to thrive. The NYDFS\u2019s influence extends to Washington, DC, with the agency actively engaging in discussions with Congressional members about effective regulation. Coghill views good regulation as striking a balance between enabling activity and reducing risks, likening it to a pendulum that swings between leniency and restrictiveness. As federal crypto legislation evolves, the NYDFS remains committed to its core objectives of market protection, consumer safeguarding, and innovation support. Despite some criticisms of New York State\u2019s regulatory requirements, the NYDFS continues to process applications and uphold its mission of fostering a safe and innovative crypto market.<\/p>\n","protected":false},"excerpt":{"rendered":"
New York State has been a dominant player in crypto regulation for over a decade, establishing the first comprehensive regulatory framework in the United States. The New York Department of Financial Services (NYDFS) issued the first BitLicense to Circle Internet Financial in 2015, paving the way for other firms like Ripple Markets to enter the […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[25],"tags":[],"aioseo_notices":[],"featured_image_urls":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":""},"author_info":{"display_name":"","author_link":"https:\/\/vanillanews.com\/index.php\/author\/"},"category_info":"JUST IN<\/a>","tag_info":"JUST IN","comment_count":"0","_links":{"self":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/posts\/119537"}],"collection":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/comments?post=119537"}],"version-history":[{"count":0,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/posts\/119537\/revisions"}],"wp:attachment":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/media?parent=119537"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/categories?post=119537"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/tags?post=119537"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}