New York Regulators Target XRP And Other Digital Assets

September 20, 2023 11:48 am Comments

New York regulators are once again attacking the crypto industry.

According to the latest reports, New York’s Department of Financial Services (DFS) has removed XRP, DOGE, and over 20 other crypto assets from its approved assets list.

The DFS has moved to have the sole authority in determining what centralized exchanges are allowed to list on their respective platforms.

Fortune reporter Leo Schwartz presented the proposed, updated DFS rules and wrote: “The New York Department of Financial Services continues to tinker with its crypto regulation. DFS is taking more of an active supervisory role by removing the self-certification process licensed firms could previously take to list tokens for custody/trading.”

Joanna Williams asked: “What does this mean for the crypto market, and how will it impact investor sentiment?”

Crypto Slate reports:

The agency’s greenlist currently includes Bitcoin (BTC), Ethereum (ETH), and six stablecoins, including PayPal’s recently-announced PayPal Dollar (PYUSD).

One member of the crypto community had this to say: “Every time there’s a major win for cryptocurrency it seems the US tries to undermine it somehow. This time New York regulator DFS removes #Doge, #XRP & #LTC from token ‘greenlist’! What is God’s name in happening.”

Rome Blockchain Labs explained: “Crypto companies in New York must now inform regulators in advance about coins they plan to offer, regardless of their inclusion on the DFS’s green list.”

U Today added:

Over the past two years, the DFS has levied a nine-figure sum in in penalties against various cryptocurrency companies and continues to engage with global policymakers to refine its regulatory framework.

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