NEW YORK—Any future federal law regarding crypto should not collide with or overwrite existing state regulatory systems, according to New York Department of Financial Services (DFS) commissioner Adrienne Harris.
Harris shared that opinion in the wake of the collapse of the giant crypto platform FTX during an event on regulatory reform for crypto, Forbes reported.
During her address, titled “Digital Asset Regulation: The State Viewpoint,” Harris called on federal officials to look more closely at the regulatory framework already in place in the state of New York.
“We would like for there to be a framework nationally that looks like what New York has, because I think it is proving itself to be a very robust and sustainable regime,” she said, according to Forbes.
Need for More Regulation
Added the Forbes report, “According to Harris, there is a need for more regulations rather than fewer. She highlighted the extensive registration process followed in New York, which takes care of aspects like financial statements, assessing the company’s organizational structure, the fitness of its executives, and AML and KYC regimes so as to ensure the financial safety for all investors. As Harris sees it, this is absolutely mandatory to follow if you want to make sure investors stay safe in all their financial dealings.”
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