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NY’s proposal for stablecoins and new ethics language in CLARITY Act

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Photo: Gary Hershorn/Getty Images

Julie DiMauro

1 min read
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NY’s proposal brings the department’s regulatory regime in line with US requirements while new ethics language in the CLARITY Act seeks to tamp down on conflicts of interest.

New York’s Department of Financial Services (NYDFS) just proposed rules to align a stablecoin regulatory regime it created in 2022 with the federal standards contained within the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act.

The new edition also follows a pre-proposal version released last month, with

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