The New York Financial Industry Service Center (NYDFS) issued guidelines on how to deal with customer assets in the face of "the same or procedural process of bankruptcy" for companies with encryption.

In a statement on January 23, Adrianne Harris, the head of DFS in New York, said that encryption companies and trading centers operating under the BitLicense standard of the State of New York should first separate the digital currency held by the company's assets and users on the chain and in the "internal structure classification account" of the company's fund custodian. According to the view of the regulatory authority, the encryption company is expected to own the property of the customer, "only limited to the relatively limited places where the custody and storage services are provided":

"The customer agreement (in digital currency) should clarify the intention of creating a custody relationship with each other, not the relationship between the borrower and the debtor."

In addition to this guidance, NYDFS added that all licensed asset custody companies should "store appropriate books and records" and publish the content related to their products and services according to the terms and conditions available to customers. Harris indicated that the guide is committed to "maintaining customer property".

Before the release of this news, several companies, including FTX, BlockFi, Voyager Digital and Genesis, applied for bankruptcy protection when reporting some liquidity problems. Many former customers of encryption companies did not fully recover in the bankruptcy liquidation process.

Harris pointed out in a speech in November 2022 that due process at the federal government level needs to consider establishing a "nationwide structure similar to New York" at the encryption control level, referring to the BitLicense rules and regulations of the state. The DFS in New York also previously issued guidelines for the control of stable currencies encouraged by the US dollar.