New York Regulator Fast-Tracks 10 Cryptocurrencies
The New York State Department of Financial Services has created a Greenlist of pre-approved cryptocurrencies for custody service and listing. Meanwhile, crypto-friendly SEC Commissioner Hester Peirce, also known as Crypto Mom, has been confirmed for another term at the commission.
NY Regulator’s Cryptocurrency Greenlist
The New York State Department of financial services (DFS), the Bitlicense regulator, has published a Greenlist comprising 10 cryptocurrencies for custody and eight cryptocurrencies for listing. “Any licensed entity may use coins on the Greenlist for their approved purpose(s),” the regulator explained.
The 10 cryptocurrencies are binance USD (BUSD), bitcoin (BTC), bitcoin cash (BCH), ethereum classic (ETC), ethereum (ETH), gemini dollar (GUSD), litecoin (LTC), pax gold (PAXG), paxos standard (PAX), and ripple (XRP). The same cryptocurrencies are pre-approved for listing, except for ETC and XRP. “If a licensed entity decides to use a coin on the Greenlist, it must inform DFS prior to beginning its use,” the regulator noted.
The Greenlist follows guidance proposed by the DFS in December last year, which includes proposals for coin adoption or listing options that the regulator wanted to make available to crypto entities.
The DFS will maintain an updated list of all cryptocurrencies permitted for crypto companies’ business activities without its prior approval, “as long as such listed coins had not been subject to any material modification, division, or change after their listing on the DFS webpage (the ‘Greenlist’),” the regulator emphasized.
Crypto companies can create a “coin-listing or adoption policy” tailored to their specific business model and risk profile. If approved by the DFS, the company would be able to “self-certify the listing or adoption of new coins in addition to those on the Greenlist, without any further approval from DFS.” The guidance regarding the adoption or listing of cryptocurrencies can be found here.
Meanwhile, the U.S. Senate has confirmed Hester Peirce, the crypto-friendly commissioner often known as Crypto Mom, for another term at the Securities and Exchange Commission (SEC). Peirce has been pushing for the approval of bitcoin exchange-traded funds (ETFs). In February, she announced her “Token Safe Harbor Proposal,” which she described as “a proposal to fill the gap between regulation and decentralization.”
What do you think about the DFS’ crypto Greenlist? Let us know in the comments section below.
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