This episode of The HASH is sponsored by BitStamp and the Galaxy Brains podcast.

This is The HASH podcast. Stay informed with the latest on Bitcoin, ETH, the Metaverse, Web3, and more,

with stories that matter to the crypto world,

all on the hash for your ears.

You're listening to the Coin Desk Podcast Network.

Hey there. Welcome to The Hash here on CoinDest TV. It is a day. It's Thursday. It's Friday

light on the hash. You know it's going to be fun.

All right. I'm Zach Seward. We got Adam Levine, Jensenassie, and Will Foxley. Adam is going to take

us to New York for a bit of news on crypto regulation. Adam, take it away. Indeed. Thank you,

Zach. So yeah, so our first story today comes from the state of New York where the Department of Financial Services has laid down some new restrictions and rules on what banks need to do before they can interact with cryptocurrency.

According to the guidance, banks registered in the state will need to seek regulatory permission from the department 90 days before they get involved with the new asset class, even if it's through a third party.

The banks will need to submit business plans and operating models,

as well as who they think their customer is and how they intend to approach them.

This applies to all services, including crypto transmission, custody, buying, and selling,

again, even through a third party.

This isn't the first time, though, we've seen really pretty strict rules like this come out

of the state of

New York. I would say that this is actually kind of what the state of New York has become known for

in the crypto industry over the last, you know, a dozen years. But it is kind of, I think these are the

most strict requirements that we've seen so far. Zach, I'll kick it back to you. You know,

you've paid a lot of attention to kind of stories like these during your time at Coin Desk.

What's your kind of read on this as it fits into the history of things?

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