The proposals included stricter standards on risk assessments for crypto firms as well as a framework for designating token projects to the NYDFS' greenlist
NYDFS News
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Internal reviews of the supervision of Silicon Valley Bank and Signature Bank have been released, showing weaknesses on the part of the banks’ regulators as well as management.
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Since 2015, crypto firms operating in the state of New York have largely been required to apply for a BitLicense to offer services.
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The crypto advocacy group wants clarity on recent regulatory action against digital asset-friendly banks.
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The superintendent of the New York Department of Financial Services reportedly dismissed claims the U.S. government was working to implement “Operation Choke Point 2.0.”
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The New York State Department of Financial Services did not describe its new capacities, but said they will contribute to the detection of a variety of illegal activities.
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The company’s complaint to the New York regulator reportedly came before NYDFS ordered Paxos to “cease minting” its Binance USD stablecoin.
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Many Gemini Earn users reportedly claimed assets in their accounts had been protected by the Federal Deposit Insurance Corporation.
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“A VCE's customer agreement should make clear the parties’ intentions to enter into a custodial relationship, rather than a debtor-creditor relationship,” said the NYDFS.
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The state, a notoriously demanding regulator of the industry, has released detailed guidelines for banks’ crypto activities — and some licensed banks may have to play catchup.
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“As its business grew, Robinhood Crypto failed to invest the proper resources and attention to develop and maintain a culture of compliance,” said superintendent Adrienne Harris.
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Adrienne Harris said she aims "to ensure we have a robust and fair financial system, and an equitable economy" in her role at the NYDFS.
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Goldman Sachs-backed crypto custodian BitGo has acquired a New York Trust license to operate as an independent custodian in the state.
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Emerging analytics technology is the name of the game for the next stage in crypto regulation.
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Japanese firm GMO will now be able to offer Yen- and dollar-pegged stablecoins to the public in New York.
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