“The world looks to New York, and the world looks to [its] Department of Financial Services,” veteran crypto regulator Ken Coghill told a Cornell audience.
Love it or leave it, New York State has been a force in crypto regulation.
Ten years ago, the state created the United States’ first comprehensive regulatory framework for firms dealing in cryptocurrencies, including key consumer protection, anti-money laundering compliance and cybersecurity guidelines.
In September 2015, the New York Department of Financial Services (NYDFS) issued its first BitLicense to Circle Internet Financial, enabling the company to conduct digital currency business activity in the state. Ripple Markets received the second BitLicense in 2016. Circle and Ripple went on to become giant players in the global cryptocurrency and stablecoin industry.
