NYDFS Head Urges Cryptocurrency Firms To Engage Proactively With Regulators

According to Odaily, Adrienne Harris, the head of the New York Department of Financial Services (NYDFS), emphasized the importance of a candid and proactive approach for cryptocurrency companies when dealing with regulators. Speaking at the Ripple Swell conference, Harris highlighted that regulators prefer transparency and open communication with companies and their legal representatives. She noted that unexpected developments are unwelcome, and it is crucial for companies to keep regulators informed about their actions to avoid being caught off guard by industry issues reported in the news. Harris pointed out that New York's progressive stance on cryptocurrency regulation, compared to federal regulations in the United States, serves as a model. She encouraged cryptocurrency firms to engage in dialogue with regulators about their long-term business plans, suggesting that companies should approach regulators with their five-year plans to foster a cooperative relationship.