Press Release

May 20, 2022


“A fast-moving industry like virtual currency requires strong regulation. Regulation plays an important role in protecting consumers against market volatility and scams; maintaining the integrity of the market by guarding against sanctions evasion and illicit activity; and ensuring corporate infrastructure and consumer data are both well-protected from cybercriminals. These are the critical risks that we at DFS are committed to mitigating as the preeminent regulator of virtual currency. I discussed these important topics and more at a number of public and industry events this week, including the Wall Street Journal’s Future of Everything, Chainalysis Links, and Operation Hope’s Cryptocurrency + Digital Assets Summit. As the industry continues to evolve, DFS will continue to improve upon our regulation and supervision; engage with key stakeholders on important trends and issues; collaborate with state, federal and international regulators; and strive to be a forward-looking, innovative regulator, including through our VOLT initiative. Through all of these efforts, DFS is keeping New York at the center of technological innovation and forward-looking regulation so that New Yorkers have a well-regulated way to access the virtual currency marketplace.”