NY Comptroller Criticizes State’s Crypto Regulation Prowess (1)

As the crypto industry awaits a pivotal decision from an often adversarial national regulator, New York state’s own Department of Financial Services is facing criticism of its approach to policing the asset class.

A report released in January by the office of the state’s comptroller, Thomas DiNapoli, questioned the thoroughness and efficacy of New York’s so-called BitLicense program.

Since 2015, New York has required any digital asset providers operating in the state to obtain a license and submit to ongoing scrutiny by the local financial regulator.

Under Adrienne Harris, DFS has emphasized that it is paying close ...