Core Insights - The New York Department of Financial Services (DFS) is drafting rules for Buy Now, Pay Later (BNPL) that focus on disclosure, credit reporting, and harmonization with other regulators while ensuring appropriate guardrails [1][10] - Adrienne Harris, the outgoing superintendent, emphasizes that regulators can protect consumers and markets while being supportive of business [3][4] - The DFS has established itself as a national model for financial regulation, promoting innovation within defined boundaries [4][8] Regulatory Developments - The DFS's virtual currency team has expanded from a few members to 60, making it one of the largest regulatory groups for virtual currencies globally [9] - The agency's early adoption of the BitLicense framework has positioned New York as a leader in digital asset oversight, influencing the recent federal GENIUS Act [8][9] - Proposed BNPL rules will address fees, disclosures, and credit reporting, ensuring that regulations keep pace with evolving financial models [10] Leadership Transition - Kaitlyn Asrow will assume the role of acting superintendent, ensuring continuity in the DFS's leadership in digital finance [6] - Harris's tenure included significant challenges, such as the crypto winter and the collapses of several banks, leading to internal reforms within the DFS [11] Achievements and Legacy - Under Harris's leadership, the DFS has secured over $725 million in restitution for consumers, highlighting a commitment to consumer protection [11] - Harris's legacy includes redefining how regulation can support innovation sustainably and durably for all stakeholders [11]

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“You’ve got to work with governments. There’s no way around it.”Twelve years ago, we set out to make the internet of money a reality.@semafor's profile from @Edgecliffe of our CEO, @jerallaire, tells the story of the long road to earning trust, driving policy, and building a safer, more open financial system.This milestone belongs to our entire team, our partners, and the policymakers who helped make it possible. While the work is far from done, the “internet financial system” is closer than ever.Read the f ...