New York State Senate Has Authorized NYDFS to "Evaluate" Cryptocurrency Companies

The New York State Senate is supporting the New York State Department of Financial Services (NYDFS) in its efforts to regulate the cryptocurrency industry

The Senate earlier Saturday passed a budget for fiscal year 2023 that includes a provision requiring NYDFS to create a new "assessment" or fee for cryptocurrency companies it oversees in order to align the regulator's oversight responsibilities for virtual currencies with the way it oversees more traditional banking and financial services companies.

According to budget language reviewed by CoinDesk, the assessments are intended to "cover operating expenses" and are only intended to reimburse directly related expenses for examinations of cryptocurrency companies.