Global Blockchain Business Council (GBBC) Chief Legal Officer & Head of Policy, Americas Andrea Tinianow testified before the New York State Assembly on Thursday, May 25th at 10am ET during the joint committee hearing, “Examining the transparency and security of the cryptocurrency industry,” held by the Standing Committee on Consumer Affairs and Protection and the Standing Committee on Banks. 

Andrea’s testimony highlighted the importance of safeguarding consumer interests, an overview of GBBC’s Global Standards Mapping Initiative (GSMI) as the industry’s most comprehensive open access and crowd sourced mapping of key information, the need to identify regulatory gaps in the existing framework, and steps required to produce legislation that is in harmony with existing federal and global requirements. 

Andrea, amidst others, testified alongside: 

  • Adrienne A. Harris, Superintendent, NYS Department of Financial Services 
  • Chris D’Angelo, Deputy AG for Economic Justice, NYS Office of the Attorney General 
  • Shamiso Maswoswe, Chief, Investor Protection Bureau, NYS Office of the Attorney General

Despite blockchain technology being recognized for its potential to bring positive solutions for society, and that the technology is here to stay, concerns remain regarding fraud and scams. The hearing covered approaches to address and prevent these concerns, either through improving the existing licensing framework in New York, which has been recognized thus far as very comprehensive and effective, or focusing efforts on the new proposed act.  

There is a need to balance regulatory requirements to ensure safety, while not discouraging or driving away innovation, which is key for competitiveness and economic growth.  Collaboration across public and private stakeholders is key to addressing actual problems and obtaining targeted answers.

Learn more about the hearing here.