New York State Department of Financial Services

But at the end of the day, I'm tired of Congress, quote unquote, taking a look.

How about some action? Linda Lacewell, superintendent of the New York Department of Financial Services, recently wrote in Law 360 that the reports filed to the federal government by banks about suspicious financial activity are frequently riddled with the names of anonymous shell companies that make it practically impossible to determine the identity of the perpetrator.

It basically negates all of the safeguards.

If you don't know who's in control of the company, how can you follow the money? How can you be sure that that money isn't being used to, say, fund a sex trafficking operation? You can't be sure.

Today is Friday, September 18th, 2026, and we turn our attention to New York, where state regulators are making their mark on stablecoin oversight.

At StableCon on September 16th, NYDFS Acting Superintendent Adrian Azrao outlined the state's approach to regulating stablecoins.

What did she have to say?

Acting Superintendent Astrow emphasized New York's leadership position in stablecoin oversight, highlighting collaboration among regulators as central to the state's strategy.

She framed the NYDFS stablecoin framework as the product of more than a decade of virtual currency supervision designed to balance innovation with consumer protection.

So this represents a proactive state-level regulatory posture.

How is NYDFS positioning this framework in the broader regulatory landscape?

NYDFS is presenting its approach as a potential model for other jurisdictions that are still developing their own rules.

We have to work with state regulators.

We have a lot of work with the New York Department of Financial Services.

And now California has a new law on the books.

Illinois is coming online.

Remember, Robinhood is regulated by the NFA and the CFTC for, for our prediction markets and futures, the SEC and FINRA for our, um, equities and option markets.

We have FinCEN, NYDFS for crypto markets, and then internationally we're in the UK, EU, Singapore, and in, in Dubai.

So we have all of this regulatory oversight that we have to make sure we stay with, and that's what we wanna be.

We have the highest inter, integra, uh, integrity marketplace you can have, and I think we're doing a really good job of building it, but I think we have to get the market to do it as well.

And and we don't really have that uniformly in the United States and throughout the world.

Circle is regulated by the New York DFS, the New York Department of Financial Services.

And so all of those things are addressed in a pretty fundamental way.

USDC is backed one for one with very, very high quality liquid assets, essentially short-term treasuries like T-bills.

Here you have state trust company charters.

Some stablecoin issuers operate under state trust company charters, including limited purpose trust charters overseen by the New York Department of Financial Services or the NYDFS.

It actually extends to the issuance and operation of the stablecoin itself, including reserve composition, segregation, independent attestations and review of the technology and operational flow supporting the product.

We get a little bit further, and this is federal prudential oversight.

And this kind of ruling most certainly will trickle into the actual criminal portion of this case.

The New York State Department of Financial Services said that Deutsche Bank, which agreed to the payment under a consent order, failed to properly monitor account activity conducted on behalf of the registered sex offender despite ample public information about Mr. Epstein's earlier criminal conduct.

And now remember, previously I talked a lot about regulations, right? Title 31.

I talked about SARS.