State New York Financial News

New York-headquartered crypto mining firm Bit Digital reported two of its hosting partners ceased operations to more than 4,800 rigs following power disruptions at different facilities. 

Financial commentator Frances Coppola is convinced that algorithmic stablecoins such as TerraUSD (UST) will always be vulnerable to sudden collapses, no matter how much the technology improves. 

A white 18-year-old opened fire with a rifle at a supermarket in New York state, killing 10 people and wounding three others Saturday in what authorities described as “racially motivated violent extremism”. Most of the victims were black.

Says New York State Department of Financial Services Superintendent Adrienne Harris: "Blockchain analytics tools provide companies with an efficient, data-driven way to conduct customer due diligence, transaction monitoring, and sanctions screening, among other things, which are all critical elements of our virtual currency regulation."We expect regulated entities to utilize best practices to uphold the safety and soundness of the virtual currency market and to protect consumers." Issuing new guidance, the watchdog says New York State-regulated virtual currency companies should establish control measures that may leverage blockchain analytics and that they must have clearly documented policies, processes, and procedures with regard to how these tools are integrated into their control framework.In addition, as part of their customer due diligence responsibilities, firms must obtain and maintain information regarding their customers and potential customers, using this information to understand and effectively address risk.

Crypto exchange FTX US has applied for a trust charter with the New York Department of Financial Services, or NYDFS, to operate in the state. 

Last week, New York dominated crypto media headlines in very different ways. In New York State, the local Assembly voted in favor of the bill that would ban for two years any new mining operations that rely on proof-of-work (PoW) consensus mechanisms and use fossil fuel-generated energy. 

The Empire State made two appearances on the regulatory stage last week, and neither was entirely reassuring. 

Says New York State Department of Financial Services Superintendent Adrienne Harris: "Blockchain analytics tools provide companies with an efficient, data-driven way to conduct customer due diligence, transaction monitoring, and sanctions screening, among other things, which are all critical elements of our virtual currency regulation. "We expect regulated entities to utilize best practices to uphold the safety and soundness of the virtual currency market and to protect consumers." Issuing new guidance, the watchdog says New York State-regulated virtual currency companies should establish control measures that may leverage blockchain analytics and that they must have clearly documented policies, processes, and procedures with regard to how these tools are integrated into their control framework.

On April 26, the State of New York put itself at the forefront of the regulatory struggle with crypto, as its Assembly voted for a two-year moratorium on crypto mining operations that use energy generated by fossil-fuel power plants. Depending on how one looks at it, this development could either signal a new alarming legislative trend or a trigger that would accelerate the digital asset industry’s movement toward a more sustainable path. 

In a letter published on Thursday, the New York State Department of Financial Services, or NYDFS, recommended that all virtual currency companies operating under New York banking law adopt blockchain analytics to trace transactions. In supporting the decision, the regulatory agency wrote:

New York City Mayor Eric Adams has hit out at his states’ BitLicensing regime, claiming that it stifles innovation and economic growth.

Up until April 25, Bitcoin (BTC) bulls had been defending the $38,000 level, but bulls were caught off-guard by the recent drop. As Bitcoin plunged from $46,700 to $37,700 between April 5 and 26, most of the bullish bets for the upcoming $1.96 billion monthly options expiry became worthless.

The New York State Assembly passed a bill late on Tuesday April 26 that would place a two-year ban on all new proof-of-work (PoW) cryptocurrency mining facilities in the state that use a carbon based fuel to power their operations.

The New York state legislature might ban Proof-of-Work (PoW) crypto mining in the state for at least two years, citing environmental concerns. 

New York State Senator Kevin Thomas introduced a new bill amendment request to establish certain offenses related to rug pulls and other frauds related to virtual token distribution, misuse of private keys and hidden interests in crypto projects.

The cost of running a crypto business in New York is about to rise with the state government gearing up to require companies holding a BitLicense to pay assessment fees to ensure they’re complying with regulations.

Five people were shot on Tuesday morning at a subway station in Brooklyn, New York, law enforcement sources said.

In an important precedent, a New York State Supreme Court judge in Yates County ruled in favor of cryptocurrency mining firm Greenidge Generation, dismissing a petition filed by a coalition of environmental activists. 

FTX.US offers advanced trading options, plus access to NFTs and low fees. But if you’re looking for more obscure cryptocurrencies, you might want to check out other exchanges that offer a wider variety crypto assets.

Three years and one veto after it was first proposed, Washington state Governor Jay Inslee has signed a bill into law today that aims to expand the state’s adoption of blockchain technology across various financial and industrial sectors.

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