September 11, 2020
New York Department of Financial Services superintendent, Linda Lacewell, considers cryptocurrency a critical improvement that needs sustenance from regulators. In the latest virtual summit on The Evolution of Banking by Cato Institute, top policymakers and experts discuss how regulators can best stand-in innovations that may benefit patrons through policy.
Mainly, Linda Lacewell talked about the importance of regulators to stand back, therefore allows the entrepreneurs to lead innovations, especially in the crypto industry.
Since 2018, Lacewell has been making several changes to expedite the licensing process for startups looking to break into the crypto space in New York. For this to work, the agency has created a conditional license exactly designed to remove the enormous licensing costs for startups. As an alternative to applying for a full BitLicense, conditional approval allows startups to team up with existing licensees to be legally operational in New York.
Additionally, Lacewell has been pushing to allow licensed companies to self-certify computer-generated currencies. As a substitute for the innovation, NYFDS has teamed up with the State University of New York; this will enable anyone to cooperate with modernizers and entrepreneurs on projects and concepts.
To provide a legitimate alternative to the financial system, Lacewell believed that cryptocurrency shows what smart, inventive people can do.