The only problem I see is the exchange houses would be forced to get these licenses in order to operate in the state, even if their headquarters are not located in the state of NY, so many exchange houses will decide to not do business with Americans as to avoid having to comply with such regulations and the ones that decide to get these licences will pass on the cost to its costumers.
The few of us that have dual citizenship can always apply with documentation from other country, some will resort to fake documentation and the few that don't will be forced to pay higher fees or yearly subscription in order to subsidize these licenses.