The Superintendent of the DFS suggests that the laws of the United States should be more similar to those of New York.

According to her, they would want to have an agenda on a national scale that is comparable to what is held by New York since it is proving to be a very sustainable and robust system. She brought attention to the need for a greater number of regulations rather than a reduction in the number of regulations. According to Harris, the state of New York has a detailed protocol for the registration process, which includes a review of the institutional structure of the company.

According to her, the related procedure also covers the financial statements, the appropriateness of the organization's leaders, as well as the Know Your Customer and Anti-Money Laundering regimes. Her attention was concentrated on the several factors that would ensure the investors' financial well-being. Peter Marton, who is not only Harris's colleague but also the head of virtual currency operations at NYDFS, provided additional commentary on the subject as Harris was offering her point of view in the same session.

Marton brought attention to the fact that the cryptocurrency exchange FTX has never been granted a BitLicense to allow it to continue operating within the state. It is common knowledge that obtaining a BitLicense, which was first made available in 2015 but has been around for a few years now, is quite difficult. In this regard, Eric Adams, the Mayor of New York City, expressed his disapproval of the license using strong language. Since a short while ago, he has been formulating a plan to position New York City as the center of the cryptocurrency industry.

The Regulatory Agenda of the DFS Places an Emphasis on the Necessity of a Full Backup of Stablecoins with Reserves

In June of this year, regulatory guidelines for stablecoins that are backed by the US dollar was provided on behalf of DFS. In accordance with the plan, reserves need to be deployed in order to provide full support for a stablecoin before the end of each working day.

In addition to this, the framework centered on the idea that the issuer of a stablecoin is required to hold a redemption policy that should have already been allowed under the DFS. This was another point that the framework emphasized. According to the agenda, this will result in the holder of a particular stablecoin having the right to exchange that stablecoin for a specified amount of United States dollars.