The New York State Department of Financial Services (NYDFS) on Thursday issued digital asset guidance to state-regulated banks laying out what information financial institutions must submit before getting approval to engage in virtual currency-related activities.
If I understood everything correctly, then this is just a less severe form of BitLicense without having to go through the ridiculous process of obtaining one and by introducing this route, they'll be able to shift a portion of the traffic into something that they directly control, as opposed to centralized third-party platforms that they'd need to make various request before having access to certain information
[if we take out the differences for getting the final approval, then there'd be only a small gap between the two].