New York banking regulator clarifies digital assets guidelines

Why it matters: New York, home of the BitLicense, is already a place crypto firms bypass because of strict, existing mandates to operate.

• Today's fresh guidance is the first move DFS has made to clarify requirements for crypto activities since FTX's collapse.

What they're saying: Superintendent Adrienne Harris in a press statement emphasized how critical the guidelines would be in "ensuring that consumers’ hard-earned money is protected," and regulated banks "remain resilient and competitive."

Details: While today's guidelines draw heavily on the state's existing framework, they provide additional information on exactly how institutions may seek approval.

• It comes come with a checklist of required information for review, covering business plans, risk management, corporate governance and oversight, consumer protection, financials, and legal and regulatory analysis.