The Role of the States: Update from NYDFS

In the recent discussion, Superintendent Adrienne Harris of the NYDFS talks about New York’s strong crypto regulation, focusing on stablecoin and industry standards. Harris highlights NYDFS’s rigorous framework, which serves as a model for numerous other regions and countries. She emphasizes the importance of state roles in regulation, even as federal frameworks are being developed, and notes how the NYDFS has grown its crypto sector team significantly. The discussion also includes insights into the regulatory alignment and challenges with other states and internationally. Candace Kelly from the Stellar Development Foundation echoes the global influence of New York’s regulations and their effective alignment across various jurisdictions. The conversation underscores the critical balance between regulation, innovation, and the preservation of consumer protection within the industry.