In a significant development for the cryptocurrency landscape, the New York State Department of Financial Services (NYDFS) has unveiled a substantial update to its cryptocurrency guidance. Spearheaded by Superintendent Adrienne Harris, this update introduces enhanced standards and processes for coin listings and delistings on platforms, marking the first major overhaul of New York state's cryptocurrency regulations in years. crypto The proposed changes emphasize greater clarity on which coins can be self-certified by companies, underlining the importance of adherence to a comprehensive coin listing and delisting policies. The crypto industry now awaits the finalization of this guidance after the public comment phase, with crypto firms required to align with the new framework by early 2024. This article dives into the details of these changes, the impact on existing non-Greenlisted coins, and the evolving crypto landscape within the state. On September 18th, the New York State Department of Financial Services (NYDFS) an update to the state's cryptocurrency guidance. announced The , submitted by Superintendent Adrienne Harris of the NYDFS, focuses on new processes and higher standards for coin listings and delistings on crypto platforms. proposed guidance “Since joining DFS, I have made it a priority to ensure the Department’s regulatory and operational capabilities keep pace with industry developments to protect consumers and markets. In less than two years, we’ve built our team to over sixty experienced professionals, created and enhanced consumer and industry safeguards, and engaged with policymakers around the world – including with the U.S. Congress to help ensure there is a federal prudential regulator to supervise the industry.” - , Superintendent of the NYDFS Adrienne Harris This is the first major update to New York state's cryptocurrency guidance since 2020. was less strict on their requirements for coin listings and almost encouraged companies to self-certify coins. Whereas the newly proposed guidance is much clearer on which coins cannot be self-certified by companies. Previous guidance With the proposed guidance, in order for a company to self-certify and list new coins, they must submit a "coin-listing policy and accompanying coin-delisting policy that complies with the final Guidance.” The New York State Department of Financial Services states that crypto firms currently offering non-Greenlisted coins do not immediately need to delist them. However, NYDFS also states they reserve the right to require any crypto firm to delist or "limit New Yorkers’ access" to any cryptocurrencies that are not Greenlisted. NYDFS also confirms the department will be reaching out to all crypto firms to ensure each has an "approved coin-delisting policy." Here is the updated list of : Greenlisted Coins The updated list now only shows Bitcoin, Ethereum, and six stablecoins. Based on the updated list, seven coins have been delisted from the NYDFS guidance, which includes: Basic Attention Token (BAT) Binance USD (BUSD) Bitcoin Cash (BCH) Ethereum Classic (ETC) Litecoin (LTC) Lumens (XLM) Ripple (XRP) Many articles and news sites claim that was removed from the Greenlisted Coins, but I have found no evidence to support this in my research. Dogecoin (DOGE) The , prior to the newly proposed guidance, was from October 2021, and it did not list DOGE. most recent list of Greenlisted Coins Therefore, I cannot confirm if DOGE was previously a Greenlisted coin that was subsequently removed, as is being . reported http://web.archive.org/web/20220114194434/https://www.dfs.ny.gov/apps_and_licensing/virtual_currency_businesses/Greenlist This guidance is not yet official and is currently in the public comment phase. The comment period is open until October 20, 2023. Comments must be submitted to using the subject line: “Proposed Coin-Listing Policy Framework.” innovation@dfs.ny.gov Please note that comments may be subject to public inspection and should not include any sensitive or confidential information. Following the closure of the comment period on October 20th, the NYDFS will issue its final Guidance on the Listing of Virtual Currencies. All crypto firms listing coins must meet with the New York State Department of Financial Services to present their "draft coin-delisting policy" by December 8, 2023. Each company's "final coin-delisting policies" must be submitted to NYDFS for approval by January 31, 2024. Is New York too strict with these new regulations and the delisting of most crypto? Will this cause an exodus of the remaining crypto companies doing business in New York? What are your thoughts on this news? Join the conversation below! Also published . here

Hot off the press! This story contains factual information about a recent event.

The writer is smart, but don't just like, take their word for it. #DoYourOwnResearch before making any investment decisions or decisions regarding your health or security. (Do not regard any of this content as professional investment advice, or health advice)

Sony's Game Changing Leap into Web3: Jumping From PlayStation to Blockchain

US Rep Ro Khanna’s Five-Point Plan: The Time for Political Reform is Now

Read My Stories

NYDFS Proposes Cryptocurrency Regulation Update: The Future of Coin Listings and Delistings in NY

About Author

Comments

TOPICS

THIS ARTICLE WAS FEATURED IN

Related Stories

Australia Cancels Binance's Derivatives Business License: Here's Why

6 Social Platforms To Help You Connect With Other Crypto Degens

A Data-Centric Introduction to Bitcoin Cash

Bitcoin Cash vs. Bitcoin SV: What Data Tells Us 10 Months After the Hash Wars

Bitcoin Has Been in a Bull Market for 2 Years

Bitcoin SV $BSV Wiki: Coin History, Techstack, and Crypto News

Australia Cancels Binance's Derivatives Business License: Here's Why

6 Social Platforms To Help You Connect With Other Crypto Degens

A Data-Centric Introduction to Bitcoin Cash

Bitcoin Cash vs. Bitcoin SV: What Data Tells Us 10 Months After the Hash Wars

Bitcoin Has Been in a Bull Market for 2 Years

Bitcoin SV $BSV Wiki: Coin History, Techstack, and Crypto News

Light-Mode

Classic

Newspaper

Minty

Dark-Mode

Neon Noir

Minty

HN StartUps