New York’s BitLicense Remains a Global Standard for Crypto Regulation

Adrienne Harris, head of the New York Department of Financial Services, stated that New York's regulatory framework serves as a model for both domestic and international crypto regulation. This was discussed at Consensus 2025 in Toronto.

New York's regulatory process is stringent but effective, having prevented firms like FTX, Voyager, and Celsius from operating in the state due to failure to meet standards.
The state established the BitLicense to regulate crypto firms, supported by a dedicated 60-person team.
While Congress works on federal crypto regulations, oversight mainly comes from the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) and state regulations.
Ken Coghill, Harris' deputy, emphasized the importance of preventing financial crimes and noted that many applicants underestimate the effort required to become regulated.
Coghill highlighted the necessity for businesses to comprehensively understand and address their operational risks.