On this week’s episode of The Encrypted Economy, our guest is Kaitlin Asrow, Executive Deputy Superintend of New York’s Department of Financial Services. We discuss the process of obtaining proper licensure to operate a digital assets business and the balancing act of incentivizing innovation while crafting better-tuned regulations. Be sure to subscribe to The Encrypted Economy for more perspective on creating an efficient regulatory environment for digital assets. 

Topics Covered:         
· Introduction
· What Went Wrong With Celsius?
· NYS DFS Guidance on Stable Coins and Implications for USDC
· Discussing Accounting Bulletin 121 and OCC Rumors
· Pathway for Licensure of Digital Assets Businesses in New York
· Comparing NYS DFS Standards to Other States
· Outlining a Pathway to Reciprocity
· Primary Stumbling Blocks and Lessons With Licensing Process
· Discussing VOLT Standards for Regulatory Oversight
· What are the Options for Smaller Firms?
· Custodial Relationships Under Bit License vs the Limited Purpose Trust
· Developing Effective Guidance
Resource List:
· Kaitlin’s LinkedIn
· New York Department of Financial Services
· BitLicense
· Celsius
· Terra Luna
· NYS DFS Guidance for Stable Coin Issuers
· Accounting Bulletin 121
· ASC 805
· DFS Career Page
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