The Blockchain Association, a crypto industry advocacy group, is exiting New York as it gears up to fight against federal regulators’ increasingly stringent restrictions on the cryptocurrency industry.
Adrienne A. Harris, the superintendent of New York’s Department of Financial Services, has branded as “ludicrous” the claims that the closure of Signature Bank was related to its crypto business. Harris insisted that the bank’s “high percentage of uninsured deposits” and insufficient liquidity were some of the reasons why it was closed.
The New York Department of Financial Services (NYDFS) is investigating crypto exchange Gemini over claims it made related to the safety of its customers' assets, according to an Axios report on Monday.
The New York State Department of Financial Services (DFS) has presented a proposal to amend state legislation and charge licensed cryptocurrency companies for regulating them. Although it may seem strange, the DFS frequently charges its regulated non-crypto financial organizations for the costs and expenses of keeping watch over them under the Financial Services Law (FSL).
The New York Department of Financial Services (NYDFS) published a proposed regulation on Thursday that lays out how the state regulator would assess New York-regulated crypto companies for costs associated with their supervision.