The New York State Department of Financial Services has issued approval of 8 virtual currencies for sale and trade, and 10 coins approved for custody by licensed entities. According to the New York Department of Financial Services website (NYDFS), state regulators have approved eight cryptocurrencies for listing and trading. These tokens include Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Binance USD, Gemini Dollar, Pax Gold, and the Paxos Standard Token. The NYDFS also greenlighted the same coins for custody and XRP and Ethereum Classic.
The NYDFS has the authority to remove any of the tokens from the greenlist.
The NYDFS stated that any entity licensed by DFS to conduct virtual currency business activity in New York might use coins on the Greenlist for their approved purpose. However, the New York financial regulator also clarified that any licensed business needed to inform the regulatory body prior to using any greenlisted token. The announcement also noted that the financial regulator has the authority to remove any of the tokens from the greenlist at any given time, limit the activity of any coin, as well as discontinue the list entirely.
The US CFTC to develop a “holistic framework” for the crypto industry.
The New York State Department of Financial Services is one of the primary regulatory agencies for crypto-related businesses in the state of New York. As reported earlier, the US Commodity Futures Trading Commission unveiled its strategic plan for the years 2020-2024. The US CFTC plans on developing a comprehensive regulatory framework for the crypto industry, among other goals. The US CFTC Chairman Heath Tarbert unveiled the plan earlier this year, remarking that this is a bipartisan, consensus plan that can stand the test of time. It will guide the last of the regulator’s unfinished business to completion and better position the agency to tackle the unwritten future.