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Adrienne Harris, the leader of the New York State Department of Financial Services (NYDFS), proclaimed that New York holds an “exaggerated role to assume” in the crypto landscape, especially in influencing regulatory structures for digital assets.
During a panel discussion on May 14 at Consensus 2025 in Toronto, she indicated that the NY region is often solicited for counsel regarding regulatory matters. “In terms of federal regulation and legislation […] congressional members frequently approach us [NYDFS] seeking insights into our procedures, our regulations, our guidance, and how they should approach legislation,” Harris commented.
Harris noted that the NYDFS was “unjustifiably rigorous” and insufficiently resourced in the past. Now, under her leadership, she stated the NYDFS is “strict yet equitable,” highlighting that the digital currency oversight unit has notably increased in size.
Harris assumed control as the superintendent of the NYDFS in September 2021 following her experience in the education, nonprofit, and private sectors. In New York State, cryptocurrency enterprises must either secure a BitLicense or a limited-purpose trust charter.
“We’ve introduced nine pieces of regulatory guidance, making it still quite challenging to acquire a BitLicense or a limited-purpose trust charter,” Harris stated. “However, I believe […] the proof is evident when you observe that FTX, Voyager, Celsius did not meet our criteria and thus were unable to operate.”
All three of these crypto firms declared bankruptcy in 2022. This led to a widespread fallout in the sector and prolonged legal battles. FTX’s founder, Sam Bankman-Fried, and Celsius Network’s Alex Mashinsky received sentences of 25 and 12 years in prison, respectively. Voyager’s founder, Steven Ehrlich, is facing legal accusations for allegedly deceiving clients.
Related: NYC Mayor reaffirms commitment to crypto ahead of city summit
Harris ‘optimistic’ about stablecoin legislation
Stablecoin legislation has emerged as a central issue for numerous crypto industry proponents in 2025. Recently regarded as a bipartisan effort, it devolved into conflict on May 8 when Democrats retracted their endorsement for the GENIUS Act due to apprehensions regarding President Trump’s crypto initiatives.
Nonetheless, Harris remains “optimistic” that Congress will ultimately approve stablecoin legislation.
We’ve been collaborating with Congress on all the iterations of their crypto and stablecoin legislation for nearly the last three years.
According to Harris, all recent proposals related to stablecoin oversight have undergone scrutiny by New York officials.
“There isn’t a version of any of those bills, whether it’s from the House or Senate, Republicans or Democrats, that doesn’t come to meet with the team to ask for our input, provide technical support, and share insights,” she mentioned, adding that most of these recommendations have been integrated into the proposed laws.
The NYDFS, as per Harris, continues to aspire to be “a state pathway for crypto enterprises.”
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