The New York State Department of Financial Services (NYDFS) is taking steps to increase transparency in the listing and delisting of cryptocurrencies by firms operating in the city.
Department Plans to Introduce New Cryptocurrency Rules
The guidance, published today, outlines crypto companies' expectations and procedures for evaluating cryptocurrency offerings, as well as their criteria for removing a cryptocurrency from their platforms.
NYDFS Superintendent Adrienne Harris emphasized the need for more robust standards on cryptocurrency offerings.
The proposed framework aims to help firms develop specific policies for cryptocurrency listing and delisting.
This marks a significant development as it includes guidance on delisting for the first time.
Harris explained that when a previously approved cryptocurrency is found to carry new risks or be misused, firms must have a structured process for security and stability while protecting consumer interests.
As part of this proposal, New York-registered digital currency companies are required to submit updated cryptocurrency listing and delisting policies. The proposed legislation will be open for public comment until October 20.
*This is not investment advice.
