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New York Senate Authorizes NYDFS to 'Assess' Crypto Companies
The state regulator oversees the state's landmark virtual currency license, commonly referred to as the BitLicense.
By Nikhilesh De
Updated May 11, 2023, 5:06 p.m. Published Apr 9, 2022, 6:49 p.m.
The New York State Senate is boosting the Department of Financial Services’ (NYDFS) efforts to oversee the cryptocurrency sector.
The Senate passed its fiscal year 2023 budget early Saturday, which included a provision tasking NYDFS with developing a new “assessment” or charge for the cryptocurrency companies it oversees, to bring its oversight mandate in virtual currencies in line with how the regulator oversees more traditional banks and financial services firms.
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The assessments are meant to “defray operating expenses,” according to the text of the budget reviewed by CoinDesk, and are only meant to cover expenses tied directly to the oversight of crypto companies.
“The expenses of every examination of the affairs of any person regulated pursuant to this chapter that engages in virtual currency business activity shall be borne and paid by the regulated person so examined, but the superintendent, with the approval of the comptroller, may in the superintendent's discretion for good cause shown remit such charges,” the text of the budget said.
NYDFS oversees the U.S.’s most developed cryptocurrency regulation through its virtual currency licensing regime, commonly known as the BitLicense. Companies hoping to offer New York residents access to cryptocurrency trading or wallet services must secure a BitLicense before they can set up shop.
In a statement, NYDFS Superintendent Adrienne Harris said the budget would “revitalize our state’s economy and create a stronger New York.”
“The budget includes a new authority to collect supervisory costs from licensed virtual currency businesses, like the Department already does for banking and insurance companies. New York was the first to start licensing and supervising virtual currency companies, and we continue to attract more licensees and the most crypto startup funding of any state in the nation. This new authority will empower the Department to build staff with the capacity and expertise to best regulate and support this rapidly growing industry,” she said.
The new budget provisions will take effect in two months.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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- Lawmakers should reveal a new draft market structure bill by the end of the week and hold a markup hearing next week, she said.
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