It’s against that background that Ken Coghill, NYDFS’s deputy superintendent for virtual currencies, appeared at Cornell Tech’s blockchain conference on April 25 to discuss “A New Era of U.S.Innovation in Crypto.” “We set the guardrails”Most of the firms that have come to the NYDFS for a BitLicense are crypto-native firms, and often, they are new to the financial world and not used to dealing with regulators.
Related: Trump’s first 100 days ‘worst in history’ despite crypto promisesAnd while the NYDFS has only issued 22 BitLicenses to date, it appears to be ready to handle a tide of applications from TradFi firms if and when they materialize.“On a per capita basis, we have more supervisory resources focused on crypto businesses than we do for all of those other [non-crypto] businesses,” said Coghill.
Crypto exchange Kraken exited the state when New York implemented its BitLicense requirement, for instance. Coghill was asked by DeSilva how the NYDFS actually looks at decentralized protocols compared with how it views the centralized financial institutions that it has historically regulated. It’s important to look at the actual purpose of the product, Coghill answered.
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Author / Journalist: Cointelegraph by Andrew Singer
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