New York’s Crypto Influence: NYDFS Head Sees State as ‘Outsized’ Regulator
Adrienne Harris, the head of the New York State Department of Financial Services (NYDFS), has solidified New York’s position as a major player in the crypto world, asserting that the state has an “outsized role to play” in shaping the future of digital assets.
Speaking at the Consensus 2025 conference in Toronto on May 14th, Harris highlighted the NYDFS‘s growing influence on the national crypto landscape. She explained that lawmakers frequently turn to New York for regulatory guidance, seeking insights on best practices and legislative approaches.
“With respect to federal regulation and legislation […] members of Congress are often coming to us [NYDFS] asking about our process, about our regulations, about guidance, how they should be thinking about legislation,”
Harris said.
Harris’s comments emphasize the NYDFS‘s increasing stature as a national authority on crypto regulation. This can be attributed to the state’s strict licensing requirements for crypto businesses, epitomized by the infamous BitLicense.
NYDFS: Tough, But Fair
Harris addressed past criticisms of the NYDFS, admitting that the department was once “unnecessarily tough” and lacked sufficient resources. Under her leadership, she emphasized a shift towards a “tough but fair” approach. This shift is evident in the doubling of the NYDFS‘s digital currency oversight team.
The NYDFS‘s tough stance has been demonstrated by its rejection of companies like FTX, Voyager, and Celsius, all of which subsequently filed for bankruptcy in 2022. This proactive approach has been lauded by some for preventing further contagion within the crypto market.
“We’ve added nine pieces of regulatory guidance, so it’s still very tough to get a BitLicense or a limited-purpose trust charter,” Harris said. “But I think […] the proof is in the pudding when you see that FTX, Voyager, Celsius, didn’t pass our test and therefore couldn’t do business.”
Stablecoin Legislation on the Horizon?
Harris expressed optimism regarding the future of stablecoin legislation, a topic that has gained significant traction in 2025. While recent attempts to pass stablecoin legislation have faced setbacks, Harris believes that progress is still possible.
The NYDFS has been actively involved in advising Congress on various stablecoin legislation proposals, providing technical assistance and feedback. Harris highlighted that these suggestions have been incorporated into legislative drafts, demonstrating the NYDFS‘s influence on the shape of potential future regulations.
“We’ve been working with Congress on all the variations of their crypto and stablecoin legislation now over the last three years almost,”
Harris said.
Despite the complexities and challenges of navigating the regulatory landscape, Harris remains steadfast in her belief that New York will continue to be a leading force in the crypto industry, ensuring a secure and responsible environment for digital assets.
