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XRP lawyers criticize NYDFS for taking XRP off the approved list, saying it’s a political and punitive move.

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XRP lawyers are upset with the New York State Department of Financial Services (NYDFS) for taking XRP off their list of approved cryptocurrencies and stablecoins. Even though a judge ruled that XRP itself isn’t a security, the regulators are acting as if it is. The lawyers say that regulators are indirectly prohibiting XRP through this unfair approach.

Ripple has a license to operate in New York, but the NYDFS removed XRP from their list of approved cryptocurrencies. Now, they only allow custody of digital assets that are on their approved list.

XRP Lawyer John Deaton Labels the Decision as ‘Political’

John Deaton, a lawyer who represents XRP holders, criticized the NYDFS for removing XRP from the approved cryptocurrency list, calling it a “political or punitive” decision. He pointed out that Judge Analisa Torres had ruled that programmatic sales of XRP are not securities, but sales of XRP by Ripple were unregistered securities.

Later, Deaton teased a big announcement on XRP, leading to speculation in the XRP community about a potential whistleblower or a response to the NYDFS.

Another lawyer, Bill Morgan, expressed disappointment in the NYDFS prioritizing the SEC’s view on crypto securities over a court ruling. Many lawyers share the opinion that a judge’s ruling should carry more weight than the SEC’s perspective.

Currently, only Bitcoin and Ethereum are approved for custody and listing in New York, and several stablecoins, including Gemini Dollar, GMO JPY, GMO USD, Pax Gold, Pax Dollar, and PayPal Dollar, are allowed for issuance.

XRP’s price increased by nearly 3% in the last 24 hours, trading above the $0.50 support level. Trading volume also rose by 71%, indicating increased trader interest.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#CryptoNews #cryptomarket #XRP #NYDFS #Ripple

The New York Department of Financial Services (NYDFS) has taken significant steps in redefining its approach to regulating the world of virtual currencies. On Monday, September 18, the NYDFS announced a set of revised regulations, shedding light on its criteria for listing and delisting cryptocurrencies. One of the notable exclusions from its approved list is Ripple's XRP, alongside Dogecoin (DOGE).

The NYDFS's Regulatory Overhaul

The NYDFS has introduced revised regulations aimed at providing greater clarity in the cryptocurrency market. These changes signify a shift towards a more proactive approach in supervising financial institutions dealing with cryptocurrencies. Previously, DFS-licensed businesses could add and endorse digital assets without extensive oversight. The new guidelines elevate the standards for evaluating the risk associated with introducing new cryptocurrencies, especially for organizations serving retail clients.

Ripple's XRP and Dogecoin Dropped

Among the notable changes in the NYDFS's approved list, two cryptocurrencies, Ripple's XRP and Dogecoin, have been excluded. This move aligns with the department's revamped rules. While XRP had displayed remarkable resilience in the crypto market, boasting a 44% price surge over the past year, it now faces challenges as it is no longer on the NYDFS's greenlist. We'll explore the potential implications for these excluded cryptocurrencies.

XRP Price Analysis

Despite being removed from the NYDFS's approved list, XRP continues to demonstrate its resilience in the crypto market. Its price currently stands at $0.5077, with recent gains of 0.94% in a day and an impressive 6.09% in a week. We'll delve into the technical levels of XRP, examining support and resistance, and discuss its trading activity, including the significance of trading below the 200-day moving average.

Monitoring the Impact

The regulatory changes introduced by the NYDFS have significant implications for cryptocurrency firms operating in New York. With only eight tokens and coins remaining on the new greenlist, crypto businesses will need to adapt to a more stringent regulatory environment. We'll explore how these changes might affect the operations and strategies of crypto firms in the state, as well as the importance of monitoring XRP's inflation rate for its long-term value and purchasing power.

In Summary

The NYDFS's revised regulations have ushered in a new era for cryptocurrency oversight in New York. Ripple's XRP and Dogecoin have been notably removed from the approved list, setting the stage for increased scrutiny and regulation in the crypto market. While XRP continues to show resilience, crypto businesses in the state will need to navigate these changes carefully. As the crypto landscape evolves, staying informed about regulatory developments and their impact on specific cryptocurrencies is essential for market participants.

#NYDFS #XRP #DOGE $XRP $DOGE #Ripple #DogeCoin

On Monday, September 18, the New York Department of Financial Services (NYDFS) proposed substantial changes to its virtual currency oversight regime. These changes have a direct impact on what cryptocurrencies licensed firms in New York can offer to their customers.

Among the notable changes, the NYDFS has delisted Ripple (XRP) and Dogecoin (DOGE) from its exclusive “greenlist” of approved cryptocurrencies. This means that virtual currency (VC) firms in New York are no longer permitted to list or trade XRP, DOGE, LTC, or other coins removed from the list.

Only eight cryptocurrencies, including Bitcoin, Ethereum, Gemini Dollar, GMO JPY, GMO USD, Pax Dollar, and the just-launched Paypal Dollar (PYUSD), are now supported by the regulator’s greenlist.

Understanding the NYDFS Greenlist Criteria

The NYDFS greenlist is a compilation of cryptocurrencies that meet the regulatory standards set by the agency. To secure a spot on this list, a cryptocurrency must satisfy specific criteria. These criteria include demonstrating a sufficient level of decentralization, maintaining a robust security track record, and possessing a clear and legitimate use case, among others.

However, the NYDFS has not only delisted certain cryptocurrencies but has also introduced new rules for crypto listings. The agency now expects greater transparency from crypto firms in how they evaluate and list cryptocurrencies.

While the NYDFS has not disclosed a specific reason for removing XRP and DOGE from the greenlist, it is worth noting that the agency has expressed concerns regarding the regulatory status of both cryptocurrencies in the past.

Notably, the Securities and Exchange Commission (SEC) has an ongoing lawsuit against Ripple, the company behind XRP, alleging that XRP is an unregistered security. Although the announcement has many people worried, Wrath of Kahneman, a user on X (Twitter), explained that this does not mean that Ripple or any of its firms have lost their payment licenses in New York.

He stated that this new development suggests that license holders for the NYDFS may only custody digital assets on the green list.

The removal of XRP and DOGE from the New York State Department of Financial Services (NYDFS) greenlist could restrict trading options for investors in New York, potentially leading to decreased liquidity and subsequent price declines. Additionally, this action by the NYDFS may influence other exchanges and venture capital firms to delist XRP and DOGE, further exacerbating the liquidity and price challenges for these tokens.

However, none of these coins have reacted negatively to this development and are currently trading in the green as of the time of writing this.

SOURCE : https://rexbox.online/rexbox-nydfs-delists-xrp-and-doge-from-greenlist-what-to-know/

#NYDFS #Delists #XRP #DOGE #Greenlist

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NYDFS plans to introduce a framework to enhance transparency in cryptocurrency-related actions, such as adding or removing cryptocurrencies from exchanges.

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The New York State Department of Financial Services (NYDFS) has strict rules for crypto companies in the state. They are now planning to introduce a framework to make cryptocurrency activities, like adding or removing cryptocurrencies on exchanges, more transparent.

NYDFS Plans Firm-Specific Crypto Listings and Delistings

The New York State Department of Financial Services (NYDFS) is set to introduce new guidelines for crypto firms concerning the evaluation and management of cryptocurrencies before listing and delisting them. The goal is to enhance transparency in the process. The NYDFS will provide specific steps and criteria for both adding and removing cryptocurrencies. These guidelines will be tailored to individual firms.

Adrienne Harris, NYDFS Superintendent, explained that these guidelines aim to make standards for crypto offerings stronger. The NYDFS identified several shortcomings in recent studies. The proposed legislation is open for public input until October 20.

Crypto companies operating in New York must submit their coin-listing and delisting policies to the NYDFS. These policies should cover aspects such as governance, risk assessment, monitoring procedures, and alignment with the company’s business model and customers.

Once approved, crypto firms can continue listing coins but must notify the NYDFS before adding new cryptocurrencies and provide details about all the cryptocurrencies they use or offer.

NYDFS’s Strict Crypto Regulations

The NYDFS has been tough on regulating the cryptocurrency market, imposing fines and taking enforcement actions against crypto firms. This strict approach created significant issues for Binance when it was instructed to cease BUSD minting in February. Notable companies like Coinbase, BitPay, and Robinhood were also fined by the NYDFS due to its stringent stance.

Adrienne Harris, head of NYDFS’ crypto unit, mentioned that the unit has grown substantially, now having around 60 staff members, almost three times its size from two years ago. The NYDFS is known for its strict cryptocurrency regulations.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Blockchain #Bitcoin #CryptoNews #cryptomarket #NYDFS

When PayPal, the $68 billion fintech giant, launched its US dollar stablecoin (PYUSD) on August 7, it sent ripples through the cryptocurrency industry. The debut of PYUSD was eagerly awaited, as it brought immediate credibility to the world of stablecoins. However, despite the initial buzz, real-world adoption of PYUSD has been sluggish, facing fierce competition and regulatory challenges.

Stiff Competition from Incumbents

PYUSD's uphill battle begins with stiff competition from older stablecoins with established brand names, deep liquidity, and a history in the crypto market. While these older stablecoins may have had their share of controversies, they benefit from the Lindy effect, extensive listings on crypto exchanges, and widespread availability of fiat-denominated trading pairs worldwide. Comparatively, PYUSD has struggled to gain a foothold and remains just a fraction of the size of Tether, the world's oldest stablecoin.

Transparency and Reserves

Transparency is a crucial factor in the stablecoin market, and PayPal's issuer, Paxos, recently published a transparency report revealing that PYUSD had reserves amounting to only $45.3 million as of August 31, 2023. This pales in comparison to Tether's substantial reserves of $83.1 billion. PYUSD's backing includes $43.8 million in US Treasuries and $1.5 million in cash deposits at insured depository institutions, aligning with PayPal's promise to back the stablecoin with tangible assets. Unlike Tether, which has faced skepticism regarding its dollar backing, PYUSD has remained closely pegged to $1 without significant deviations.

Regulatory Challenges and Controversies

PYUSD entered the market during a period of heightened regulatory scrutiny in the cryptocurrency space. Paxos, the issuer of PYUSD, had prior interactions with the SEC regarding its dealings with Binance's stablecoin, BUSD. The New York Department of Financial Services (NYDFS) even ordered Paxos to cease issuing BUSD. Additionally, concerns arose when lines of code in PYUSD indicated that PayPal had the capability to freeze or wipe PYUSD wallets, potentially undermining trust in the stablecoin.

Road Ahead

As PayPal's PYUSD struggles to gain traction, it faces numerous challenges, including competition from central bank digital currencies (CBDCs) and yield-bearing stablecoins. The NYDFS may have approved PYUSD, but it still confronts the unpopular perception associated with centralized assets that can be controlled remotely. Paxos has taken measures to protect tokenholders by holding the assets backing PYUSD in a trust, mitigating the risk of bankruptcy from Paxos or PayPal. The path forward for PYUSD remains uncertain, with regulatory hurdles and market dynamics posing significant challenges.

In Summary

While PayPal's entry into the stablecoin market was met with anticipation, PYUSD has encountered a tough journey marked by competition, regulatory scrutiny, and transparency concerns. Its struggle to gain ground underscores the complexities and challenges faced by newcomers in the world of stablecoins.

#Stablecoin #PayPal #PYUSD #CBDCs #NYDFS