Online reports that at the Consensus 2025 Conference in Toronto, Adrienne Harris, Administrator of the New York State Financial Services Agency, said: "In the absence of a U.S. federal framework, New York's crypto regulatory regime remains a guide for domestic and foreign regulators, including Congress." She pointed out that "the process of becoming the subject of our supervision can be difficult" but that high standards "have been proven to be effective." She cited FTX, Voyager and Celsius as examples: "FTX, Voyager and Celsius failed our tests and therefore cannot do business in New York." She emphasized that BitLicense remains a global standard and said supervision is the responsibility of a 60-person team. Its deputy Ken Coghill added,"You're not just showing off the product, you're showing off yourself","there's a lot of preparation to be done" and most applicants failed the review.