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 and listing service. Meanwhile, cryptocurrency friendly SEC commissioner Hester Peirce, also known as Crypto Mom, has been confirmed for another commission term.

NY Regulator Cryptocurrency Greenlist

The New York State Department of Financial Services (DFS), the regulator of Bitlicense, has released a Greenlist that includes 10 cryptocurrencies for safekeeping and eight cryptocurrencies for listing. “Any authorized entity can use coins on the Greenlist for their own approved purposes,” 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 cryptocurrencies themselves are pre-approved for listing, with the exception of ETC and XRP. “If an authorized entity decides to use a coin on the Greenlist, it must inform DFS before starting its use,” the regulator noted.

New York regulator quickly tracks 10 cryptocurrencies
The current DFS Greenlist of approved cryptocurrencies for safekeeping and listing.

The Greenlist follows the guidance proposed by the DFS in December last year, which includes proposals for the adoption of coins or pricing options that the regulator wanted to make available to crypto entities.

The DFS will maintain an up-to-date list of all cryptocurrencies permitted for the trading activities of cryptocurrency companies without its prior approval, “provided that such listed coins have not been subject to any material modification, division or change after their listing on the webpage of DFS (the “Greenlist”), “stressed the regulator.

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 further approval from DFS.” Cryptocurrency Adoption or Listing Guide can be found here.

Meanwhile, the US Senate has confirmed Hester Peirce, the crypto-friend commissioner often known as Crypto Mom, for another term with the Securities and Exchange Commission (SEC). Peirce pushed for approval of bitcoin’s Exchange Traded Funds (ETFs). In February, he announced his “Token Safe Harbor Proposal”, which he described as “a proposal to bridge the gap between regulation and decentralization.”

What do you think of the DFS Cryptographic Greenlist? Let us know in the comments section below.

Image credits: Shutterstock, Pixabay, Wiki Commons, DFS

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