Report: Lawsky to Consult on Digital Currencies After Leaving NYDFS
A new report suggests Benjamin M Lawsky will seek to advise clients on matters relating to digital currency when he leaves office in late June.
New York State Department of Financial Services (NYDFS) superintendent Benjamin M Lawsky is stepping down next month and is said to be planning to establish a legal consulting firm.
While the news created a slew of headlines, some media outlets were able to uncover new details. For example, The New York Post indicated that Lawsky would seek to advise clients on matters involving bitcoin and digital currencies, citing anonymous sources.
According to a 20th May press release, the NYDFS announced that Lawsky will leave office in late June after serving as superintendent of New York’s top banking regulator for four years.
He said in a statement:
Lawsky garnered both support and criticism for his office’s development of the BitLicense, a still unreleased regulatory framework that would establish guidelines for the operation of bitcoin and digital currency businesses in New York.
Notably, a source told that publication that Lawsky has no intention of working with companies that the NYDFS regulates, a list which would likely include a number of US-based bitcoin startups serving New York.
When reached for comment, a spokesperson for the NYDFS said that the agency still anticipates releasing the final version of the BitLicense before the end of May.
The NYDFS did not immediately respond to questions related to Lawksy's proposed consulting activities.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.