New York State Plans to Tighten Crypto Regulations: Evolution of Crypto Regulations in NY

New York State Plans to Tighten Crypto Regulations: Evolution of Crypto Regulations in NY

New York tightens the rules – Since 2015, New York State and New York Department of Financial Services (NYDFS) have undertaken to regulate crypto companies. These organizations created the BitLicense which allows crypto businesses to operate in the state. From now on, the NYDFS wants to change the rules.

Evolution of crypto regulations in New York State

Monday, September 18, the NYDFS announcement on his site a evolution of regulations relating to cryptocurrencies.

According to Adrienne Harristhe superintendent of the NYDFS, these developments make it possible to follow the evolution of the industrywhile protecting consumers and the market.

“Since joining DFS, I have made it a priority to update the Department’s regulatory and operational capabilities to keep pace with industry developments to protect consumers and markets. »

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Changes envisaged by the NYDFS

In its publication, the NYDFS considers several changes to the regulations relating to cryptocurrencies.

Probably in response to the fiasco that was FTX, the institution wants a better risk assessment from crypto companies. To do this, she would like them to have an established standard for assessing risks. This concerns in particular the fraudthe price manipulation and the liquidity management.

The NYDFS also wishes clarify the rules regarding the listing and delisting of crypto assets. The Department therefore asks companies to develop a clear token delisting policy.

For listing, crypto companies must also measure the risk of adding a new crypto and be able to react quickly in the event of a problem.

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Finally, crypto companies will no longer be free to list new cryptocurrencies as they wish. Indeed, the NYDFS wants the addition of each crypto to be approved beforehand by the regulator.

This should therefore propose a framework for cryptocurrency listing policies.

“Today’s proposed token listing guidance and general framework guidance for green-listed tokens enhances the initial framework published by the Department in 2020 by clarifying DFS’s expectations regarding listing policies and deregistration of parts of entities regulated by the DFS. »

For its part, the American SEC continues its legal battles. Thus, the trial between Ripple and the SEC is in full swing, with an SEC that does not seem to want to let go of the matter.

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2023-09-21 08:00:00
#FTX #fiasco #crypto #regulation #tightens #screw #York

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