The New York Department of Financial Services (NY DFS) is known to be among the toughest financial regulators in the US. Although that reputation is not unwarranted, it has been striving to support innovation and the development of fintech in the state. Examples of such efforts include the approval of Lemonade, a well-known insurtech company offering consumer insurance. The NY DFS's approval for Gemini's trading platform for certain emerging cryptocurrencies further shows that New York wants to be welcoming to fintech.
New York State Department of Financial Services has authorized Gemini Trust Company, LLC to offer the custody services and trading of Zcash, Litecoin and Bitcoin Cash, emerging cryptocurrencies, on its virtual currency exchange based in New York City.