New York Governor wants to amend Financial Services Law

New York Governor Andrew Cuomo believes that the cost of regulatory oversight should be paid by crypto firms registered under New York’s Financial Services Law (FSL).

New York Governor proposes edit to Financial Services Law

The governor voiced his opinion in New York during the state speech on January 8. The governor wants lawmakers to make amendments to the Financial Services Law. The proposed edit would require firms and other registered entities under the jurisdiction of FSL to pay the costs for oversight conducted by the New York State Department of Financial Services (NYDFS).

NYDFS is one of the major regulatory agencies established in New York that governs crypto-related firms and entities. The agency is responsible for issuing BitLicense, a business license for digital assets.

The governor’s proposed amendment is a part of Cuomo’s 2020 state of the state book, a list consisting of over 300 pages containing policies suggested by the governor. These policies support his “Making Progress Happen” agenda and are dedicated to improving the economy of New York state.

Andrew Cuomo wants lawmakers to treat crypto-related businesses the same way as other financial services companies that have to pay “assessments” to the NYDFS to cover the costs of regulation. However, entities under the FSL, such as crypto assets, are not required to pay these assessments despite having similar examination requirements.

Crypto regulation is moving forward in the United States with the Securities and Exchange Commission at the forefront (SEC). The SEC has revealed its plans for 2020 and has decided to make crypto regulations a priority for the year.

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