On June 2, 2022, the New York Senate passed Senate Bill S6486D (the Bill), which would amend the state’s environmental conservation law and set forth a two-year moratorium on certain cryptocurrency mining operations in the state of New York. The Bill passed the New York Assembly earlier in 2022 and now awaits Gov. Kathy Hochul’s
On June 8, 2022, the New York State Department of Financial Services (DFS) issued a new Regulatory Guidance, setting foundational criterial for USD-backed stablecoins used by DFS-regulated entities. This represents the first U.S. state agency to regulate issuers of stablecoins. Generally, issuers that currently issue U.S.-dollar-backed stablecoins under DFS supervision are expected to come
In 2015, the New York Department of Financial Services (NYDFS) finalized rules creating the BitLicense for virtual currency exchanges operating in New York state. New York is currently the only state to have a licensing regime specifically for virtual currency exchanges.
The industry has bemoaned the BitLicense since it was proposed. Critics say that the
New York Superintendent of Financial Services Linda A. Lacewell announced on Sept. 5, 2019 that the New York State Department of Financial Services (DFS) has authorized Paxos Trust Company LLC to offer a gold-backed virtual currency, the first such virtual currency authorized by DFS, as well as Binance USD, a virtual currency pegged to the