When New York State first unveiled its digital-asset licensing regime eight years ago, it was widely criticized by crypto boosters as an “abominable” attack on a nascent industry by regulators eager to protect the incumbent financial sector.
Dozens of crypto start-ups either cut off service to New York residents or physically moved their headquarters out of the state, rather than pay the $5,000 application fees and tens of thousands more in legal fees and manpower hours to complete the lengthy approval process.
Adrienne…
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