{"id":89631,"date":"2024-08-13T09:59:52","date_gmt":"2024-08-13T13:59:52","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=89631"},"modified":"2024-08-13T10:02:54","modified_gmt":"2024-08-13T14:02:54","slug":"ny-regulator-seeks-crypto-ai-expert-for-policy-team","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/ny-regulator-seeks-crypto-ai-expert-for-policy-team\/","title":{"rendered":"NY Regulator Seeks Crypto & AI Expert for Policy Team"},"content":{"rendered":"\n

The NYDFS is seeking a policy specialist to address critical crypto, DeFi, and AI issues<\/a> within financial services.<\/p>\n\n\n\n

\"NY<\/figure>\n\n\n\n

The New York State Department of Financial Services (NYSDFS) is looking to hire a specialist to assist in developing policies concerning cryptocurrencies, decentralized finance (DeFi), and artificial intelligence, among other related areas.<\/p>\n\n\n\n

The position is within the Innovation Policy Unit, where the selected candidate will address \u201ccutting-edge policy issues\u201d within the broader financial services sector. <\/p>\n\n\n\n

According to the job listing\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, the specialist will help resolve policy matters in traditional markets and in the realms of crypto, DeFi, and the application of AI and machine learning in financial markets.<\/p>\n\n\n\n

NYSDFS Continues to Refine BitLicense Requirements<\/h2>\n\n\n\n

The NYSDFS introduced BitLicense, New York\u2019s business license for cryptocurrency operations, in August 2015 and has been actively refining it to maintain oversight of crypto exchanges and service providers. <\/p>\n\n\n\n

When BitLicense was first implemented, major crypto companies like Bitfinex<\/a>, Kraken, and Paxful exited the state due to non-compliance.<\/p>\n\n\n\n

On November 15, the NYSDFS introduced new regulations requiring crypto companies to submit their coin listing and delisting policies for NYSDFS approval. <\/p>\n\n\n\n

The agency will evaluate the tokens' technological, operational, cybersecurity, market, liquidity, and illicit activity risks.<\/p>\n\n\n\n

In January, New York State Comptroller Thomas DiNapoli raised concerns about the NYSDFS\u2019s handling of BitLicense. <\/p>\n\n\n\n

DiNapoli noted that several security checks, including fingerprinting processes, were incomplete before granting license approvals.<\/p>\n\n\n\n

Gaps in New York\u2019s Crypto Licensing Standards<\/h2>\n\n\n\n

The NYSDFS has also been criticized for failing to adequately verify applicants\u2019 tax obligations or minimum net worth documentation. <\/p>\n\n\n\n

Members of the Innovation Policy Unit are expected to conduct qualitative and quantitative research to support the NYSDFS\u2019s policy reviews.<\/p>\n\n\n\n

On May 30, the NYSDFS established customer service standards for regulated virtual currency entities (VCEs) or crypto exchanges. <\/p>\n\n\n\n

Supervisor Adrienne Harris stated that recordkeeping, including customer feedback, must begin in the third quarter of 2024 and be accessible to the NYSDFS by November 1. <\/p>\n\n\n\n

She added, \u201cThis guidance outlines clear expectations for a positive customer experience, which benefits both consumers and business.\u201d<\/p>\n\n\n\n

Currently, 32 crypto exchanges are registered under BitLicenses or trust charters in New York.<\/p>\n","protected":false},"excerpt":{"rendered":"

The NYDFS is seeking a policy specialist to address critical crypto, DeFi, and AI issues within financial services. The New York State Department of Financial Services (NYSDFS) is looking to hire a specialist to assist in developing policies concerning cryptocurrencies, decentralized finance (DeFi), and artificial intelligence, among other related areas. The position is within the […]<\/p>\n","protected":false},"author":56,"featured_media":89635,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[12094,1811,1502,1305],"class_list":["post-89631","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-adoption-2","tag-new-york","tag-regulation","tag-united-states"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/08\/NY-Regulator-Seeks-Crypto-AI-Expert-for-Policy-Team.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/89631","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=89631"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/89631\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/89635"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=89631"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=89631"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=89631"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}