Notes by TPan

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Adrienne Harris - Superintendent, New York State Department of Financial Services (NYDFS)

🏦 Signature Bank Situation

• Was crypto responsible for the fall of Signature Bank? Adrienne was on the record saying it wasn’t
• Signature Bank had a diverse deposit base. New-fashioned bank run and liquidity issue, not solely a crypto client issue.

💼 The NYDFS

• Confirmed into the role January 2022
• Diverse team from academia and industry, staffed up department significantly
• License entities, bringing in more licensees on board, publishing more guidances from stablecoins to blockchain analytics
• Real-time transaction monitoring to make sure everyone is up to snuff with NYDFS rules and regulations
• Continued interest for Trust Charter or Bit Licenses, they are considered the gold standard for meeting regulation in the US