New York has new crypto regulating division
The new division will be in charge of policing crypto businesses
The New York Department of Financial Services (NYDFS) is launching an effort to provide better oversight of cryptocurrency entities operating in the state. According to a statement by the group’s superintendent, Linda Lacewell, the NYDFS has introduced a new division to police the industry, adding that it will take control of the current department that overseas crypto activity in the Empire State.
The goal of the new division is to help support research and innovation, as well as to keep up with technological developments seen in the FinTech, banking and insurance industries. It will also be tasked with approving BitLicense applications and creating new regulations.
Lacewell says in the press release, “The financial services regulatory landscape needs to evolve and adapt as innovation in banking, insurance and regulatory technology continues to grow. This new division and these appointments position DFS as the regulator of the future, allowing the Department to better protect consumers, develop best practices, and analyze market data to strengthen New York’s standing as the center of financial innovation.”
Overseeing the division as its Executive Deputy Superintendent will be Matthew Homer, the former head of policy and research for New York-based FinTech firm Quovo. He is also a former worker for the US government, having been involved with the Federal Deposit Insurance Corporation and the US Agency for International Development.
Backing up Homer will be Matthew Siegel and Olivia Bumgardner, who will serve as deputy superintendents, and Andrew Lucas as counsel for the division.