The momentum of cryptocurrency regulation in the United States continues to intensify, with the New York Department of Financial Services (NYDFS) asserting its readiness to call out defaulting businesses.
Speaking at a Financial Times (FT) event, NYDFS Chief Adrienne Harris emphasized the regulator’s commitment to taking necessary enforcement actions against any cryptocurrency firm that fails to adhere to its stated guidelines.
The event, tagged “Crypto and Digital Assets Summit: Winter Edition,” is an annual conference that brings together leaders from traditional financial and blockchain ecosystems to share insights.
Notable figures from the industry and regulatory landscape, including Binance’s CEO Richard Teng, Commodity Futures Trading Commission (CFTC) Commissioner Kristin Johnson, Biswarup Chatterjee of CitiGroup, Sasha Mills of the Bank of England (BoE), among others, were in attendance.
Continuing her remarks, Harris highlighted that her priority upon assuming leadership at NYDFS was establishing clear guidelines, which she termed a ‘tone reset.’
This approach ensures crypto companies understand the regulator’s expectations regarding their operations to stay in its good books.
Referencing recent regulatory actions, Harris cited the concerted efforts by US agencies to address compliance issues with the Binance exchange.
“We’ve been talking about the illicit finance component of cryptocurrencies. I think that’s going to continue, and attention on that is going to be heightened as a result of Binance and some of the other cases that have been brought by DOJ and other authorities around the world,” Harris said, referring to the US DoJ-led regulatory action against the Binance exchange.
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