NYDFS has Given the Green Light for the Trading of 8 Crypto Assets in the State

William August 11, 2020
3 Comments

The New York State Department of Financial Services (NYDFS) has given the green light for the trading of eight crypto assets in the state.

New York’s top financial regulator has published its “greenlist,” which covers a number of cryptocurrencies that license holders can list or custody. Crypto assets that are included for listing and trading are:

  • Bitcoin (BTC)
  • Binance USD (BUSD)
  • Bitcoin Cash (BCH)
  • Ethereum (ETH)
  • Gemini Dollar (GUSD)
  • Litecoin (LTC)
  • Pax Gold (PAXG)
  • Paxos Standard (PAX)

As for coins that are approved for custody, the financial watchdog includes:

  • Bitcoin
  • Binance USD
  • Bitcoin Cash
  • Ethereum Classic (ETC)
  • Ethereum
  • Gemini Dollar
  • Litecoin
  • Pax Gold
  • Paxos Standard
  • XRP

According to the NYDFS, license holders must inform the regulator before using any of the coins on the Greenlist for business purposes. In addition, the NYDFS says it has the authority to remove any of the coins on the list.

“DFS may, at any time and in its sole discretion, prohibit or otherwise limit a coin’s use before or after a VC Entity begins using a coin; require that any VC Entity delist, halt, or otherwise limit or curtail activity with respect to any coin; remove any coin from the Greenlist; refrain from placing any coin on the Greenlist; or discontinue the Greenlist process entirely.”

Categories: Gold, Silver, and Cryptocurrencies
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    1. Brian August 12, 2020

      Where is the value?  There is none.  It is a clone of the Bitcoin repository, doesn’t have a strong dev community, hash rate is weak meaning, not enough nodes to secure the infra, and most who hold it received it for free when they hard fork of Bitcoin. Bitcoin is Store a value, Bitcoin cash wants to be a digital currency. The problem is it will never be especially in the US where every transaction is a taxable event.  Price has nothing to do with it is the value.  Bitcoin is less than 50% from its peak price which was only there for 1 day.  Bitcoin is stronger than 2017 while Bitcoin Cash is still down 90% from its all-time high.