“Recent DFS guidance has made clear expectations around the use of blockchain analytics technology, U.S. dollar-backed stablecoin issuance, banks engaging in virtual asset activity, and consumer protections in light of insolvencies,” the spokesperson said. “Earlier this year, the Department was the first regulator to address Binance, ordering Paxos to cease minting Paxos-issued BUSD, ameliorating risks before consumers were harmed. The Department also reached a $100 million settlement with Coinbase after an investigation found that the platform was vulnerable to serious criminal conduct, such as money laundering, suspected child sexual abuse material-related activity, and potential narcotics trafficking.”