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What Do the New York Authorities Think About Crypto firms?


What Do the New York Authorities Think About Crypto firms? The New York Department of Finance (DFS) has proposed new rules that would allow it to collect fees from fraudulent cryptocurrency transactions.

It may seem odd that the DFS is accusing a financial institution of money laundering, but this is standard procedure under the Financial Services Act. (FSL). According to the proposal, the New York regulator will review the fees charged to businesses based on “a reasonable and reasonable amount” for other operating expenses. and above, in addition to business expenses. Overall performance results from the supervision of the licensee.

Given the different levels of scrutiny that different companies face, there is no one-size-fits-all approach. However, the entire debt will be spread over five years of the financial year.

New York Financial Services Supervisor Adrienne Harris is leading the initiative. Harris made the announcement on the DFS website on Dec. 1 and gave the community 10 days to respond.

Harris added that “the legislation will allow the Department to continue to add top talent to the finance team.”

The supervisor said that the department’s ability to collect maintenance fees will help it continue to protect consumers and keep the company safe. The department holds businesses operating in New York City to the highest standards in the world through its licensing, monitoring and enforcement efforts.

Crypto Rules Needed After FTX Implion

The crypto industry has recently experienced a multi-billion dollar implosion due to the collapse of FTX, Alameda Research and former firm Sam Bankman-Fried, so it is not surprising that regulators are running speed to bring power management. During a meeting at the Brookings Institution in Washington, D.C., Harris, who has been on the job for about a year and is considered to be the most powerful regulator in crypto, expressed his belief in the federal law may need to replace the organizational structure of the company’s constitution. say in his right.

He recommends New York food because he considers it to be the most stable and safest option.

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