New York has ‘outsized role to play’ in crypto ecosystem — State regulator head
Adrienne Harris, the head of the New York State Department of Financial Services (NYDFS), said New York has an “outsized role to play” in the crypto ecosystem, particularly in shaping regulatory frameworks for digital assets.
During a panel on May 14 at Consensus 2025 in Toronto, she said the NY estate is frequently asked to provide guidance on regulators. “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.
According to Harris, the NYDFS was “unnecessarily tough” and lacked resources in the past. Now, under her purview, she said the NYDFS is “tough but fair,” noting that the digital currency oversight team has since doubled in size.
Harris took over as superintendent of the NYDFS in September 2021 after spending time working in the educational, nonprofit, and private sectors. In New York State, crypto businesses must either obtain a BitLicense or a limited-purpose trust charter.
“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.”
All three of those crypto companies went bankrupt in 2022. The result was a widespread contagion in the industry and years-long legal proceedings. FTX’s founder, Sam Bankman-Fried, and Celsius Network’s Alex Mashinsky were sentenced to 25 and 12 years in prison, respectively. Voyager’s founder, Steven Ehrlich, is facing legal charges for allegedly misleading customers.
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Harris ‘hopeful’ for stablecoin legislation
Stablecoin legislation has been a topic at the forefront of many crypto industry advocates in 2025. Recently considered a bipartisan endeavor, it devolved into a dispute on May 8 when Democrats withdrew support for the GENIUS Act over concerns about President Trump’s crypto ventures.
Still, Harris remains “hopeful” Congress will eventually pass stablecoin legislation.
We’ve been working with Congress on all the variations of their crypto and stablecoin legislation now over the last three years almost.
According to Harris, all recent legislation tied to stablecoin regulation has been reviewed by New York officials.
“There isn’t a version of any of those bills, be it House or Senate, R’s or D’s, that don’t come to meet to the team to say, give us your feedback, give us your technical assistance, your insights here,” she said, adding that most of these suggestions have been incorporated into legislations.
The NYDFS, according to Harrus, still wants to be “a state path for crypto companies.”
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Half of all Conservative members think Kemi Badenoch should not lead the party into the next election, according to an exclusive Sky News Tory members poll.
The YouGov poll found 46% think the current Tory leader should stay in place when the country next goes to the polls, while 50% say she should not.
Tory members are split as to whether she will make it that far. A total of 49% think she will be out before the election, compared with 47% who think she’ll still be in place.
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The Tory leader will hope that this week’s conference in Manchester will steady her leadership.
But asked who they would prefer as leader of the Conservative Party, 46% of Tory members picked Robert Jenrick, comfortably ahead of the 39% who said Ms Badenoch. In all, 11% said neither and 4% don’t know.
The poll of 652 Conservative members was taken between 26 September and 2 October.
Having lost to Ms Badenoch a year ago, Mr Jenrick is now comfortably the members’ favourite, and would beat Boris Johnson, James Cleverly and Priti Patel. Badenoch would narrowly beat Johnson if they went head to head.
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Ms Badenoch rejects any kind of electoral pact with Reform UK at the next election, but this is out of step with Tory members.
The poll finds 64% support an electoral pact, meaning Reform and the Tories would not stand candidates against each other in target seats, while 31% do not.
Almost half of Tory members – 46% – would support a full blown merger with Reform UK, against 48% who would oppose a merger.
Party members are very clear that in a hung parliament, they would not want to see Tory MPs putting a Labour prime minister back in Number 10.
Tory members oppose a coalition with Labour by 93% to 6%. However 73% would welcome a coalition with Reform UK in a hung parliament, with 25% against.
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