New York Senate Allows NYDFS To Asses Crypto-Focused Companies

The New York Senate allows NYDFS to assess crypto-based companies and the other parts of the crypto sector so let’s find out more in today’s latest cryptocurrency news.

The New York Department of Financial Services will now oversee the crypto sector after the New York senate allowed it just recently and passed the 2023 budget on Saturday. The approval included a provision tasking NYDFS with developing new assessments or charging the crypto companies that it oversees and bringing the oversight mandate in virtual currency in line with how the regulator can oversee the traditional banks and other financial services companies.

The assessments were meant to defray the operating expenses as per the text of the budget and there are only meant to cover the expenses connected directly to the oversight of crypto companies:

“The expenses of every examination of the affairs of any person regulated pursuant to this chapter that engages in virtual currency business activity shall be borne and paid by the regulated person so examined, but the superintendent, with the approval of the comptroller, may in the superintendent’s discretion for good cause shown remit such charges.”

NYDFS oversees the US-most-developed crypto regulation via its virtual currency licensing regime which is known as BitLicense so companies hoping to offer the New York residents access to crypto trading or wallet services have to secure this license before they are able to set up shop. In a statemetn, the NYDFS superintendent Adrianne Harris said that the budget will revitalize the state’s economy and will only make New York stronger:

“The budget includes a new authority to collect supervisory costs from licensed virtual currency businesses, like the Department already does for banking and insurance companies. New York was the first to start licensing and supervising virtual currency companies, and we continue to attract more licensees and the most crypto startup funding of any state in the nation. This new authority will empower the Department to build a staff with the capacity and expertise to best regulate and support this rapidly growing industry.”

As recently reported, Eric Adams believes that with the BTC price dropping, this is a perfectly good buying moment. The newly elected New York Mayor confirms that he supports the number one cryptocurrency and opined that the recent price drop could provide more opportunities for investors that can reaffirm the previous stance indicating that he will get his first three paychecks in BTC.