New York

The Terraform lawsuit is not just about one firm. It is the moment regulators confirmed that crypto market conduct is subject to the same insider trading standards as equities, and that changes the compliance math for every institution touching digital assets.

NYDFS approval for GalaxyOne Prime NY does not just validate crypto in New York. It creates the financing infrastructure that tokenized assets have needed to become marginable inside regulated institutions.

Regulatory standing in New York is not a compliance checkbox. It is the structural requirement for serving the institutions that control the most capital in the United States.

A May 2026 federal court filing argues that frozen stablecoin reserves can satisfy unrelated civil judgments, and if it holds, every on-chain asset inside US proceedings is now fair game.