New York Financial Regulator Says BitLicense Remains a Global Benchmark for Crypto Regulation

At the Consensus 2025 conference in Toronto, New York State Department of Financial Services Superintendent Adrienne Harris stated: "In the absence of a U.S. federal framework, New York's crypto regulatory regime remains a guide for both domestic and international regulatory bodies, including Congress." She noted, "The process of becoming one of our regulated entities can be challenging," but the high standards "have proven to be effective." She cited FTX, Voyager, and Celsius as examples: "FTX, Voyager, Celsius failed our tests and therefore could not operate in New York." She emphasized that BitLicense remains a global standard and mentioned that the regulatory work is handled by a team of 60 people. Her deputy, Ken Coghill, added, "You are not just showcasing a product, you are showcasing yourself," and "a lot of preparation work needs to be done," with most applicants failing to pass the review.