Tag: NYDFS

XRP Price Jumps 10% as Brad Garlinghouse Says Ripple’s RLUSD Stablecoin Gets NYDFS Approval

XRP, the native token of the XRP Ledger (XRPL) network, surged during the U.S. afternoon hours on Tuesday as Ripple CEO Brad Garlinghouse said the company’s much-anticipated stablecoin obtained regulatory approval from the New York Department of Financial Services. “This just in…we have final approval from NYDFS for RLUSD! Exchange and partner listings will be live soon,” Garlinghouse posted on X. XRP rallied 10% following Garlinghouse’s announcement in a broader crypto market bounce, erasing today’s losses. The token was up 6.8% over the past 24 hours, outperforming bitcoin (BTC) and…

Ripple Steps Toward RLUSD Launch By Announcing Exchange Partners for Its Stablecoin, Awaits Approval From NYDFS

MIAMI, U.S. – Ripple named exchange and market maker partners for its upcoming dollar-pegged stablecoin, RLUSD, on Tuesday at the Ripple Swell 2024 conference in Miami, Florida. The firm also added ex-Federal Deposit Insurance Corporation (FDIC) chair, Sheila Bair, and David Puth, the former CEO of Centre, a consortium which set standards for USD Coin (USDC), to the advisory board for its stablecoin. Source

NYDFS Issues New Crypto Firm Guidance for Consumer Complaints

“Consumers have a right to a transparent and timely process for resolving complaints and answering questions, irrespective of the company or product in question,” said NYDFS Superintendent Adrienne A. Harris. “This guidance outlines clear expectations for a positive customer experience, which benefits both consumers and business.” Source

WisdomTree receives crypto custody launch approval from NYDFS

WisdomTree has received a license from the NYDFS, allowing it to offer cryptocurrency-related products and services. Under New York State banking laws, asset manager WisdomTree has received approval from the NYDFS to operate as a limited liability trust company.With the permission, a WisdomTree Digital Trust Company subsidiary can offer local clients services for storing cryptocurrencies, issuing stablecoins, and managing the latter’s reserves. The license will allow the firm to launch a mobile application focused on personal finance, WisdomTree Prime. The company plans to offer dollar- and gold-pegged stablecoins WisdomTree Dollar…

Winklevoss Twins’ Gemini Promises to Return $1.1B to Earn Customers in NYDFS Settlement

“In addition to Gemini’s failures related to Earn, the Department’s investigation revealed that Gemini engaged in unsafe and unsound practices that ultimately threatened the financial health of the company,” the press release said. “Gemini Liquidity LLC, an unregulated affiliate, collected hundreds of millions of dollars in fees from Gemini customers that otherwise could have gone to Gemini, substantially weakening Gemini’s financial condition.” Source

Regulators Not Afraid to Take Action Against Crypto Rule Breakers, NYDFS Chief Adrienne Harris Says

“Well, there isn’t actually anything illegitimate about crypto. It is just a technology. It is a way to keep records. Rather than in a centralized entity, they have a shared ledger, so there is nothing illegitimate about it,” Peter Kerstens, an adviser at the European Commission, said during the same panel. “You can do an awful lot of illegitimate things with that technology, and we’ll try to moderate and regulate for that.” Source

NYDFS rolls out listing and delisting rules for crypto exchanges

The primary regulator of New York will now decide which company is allowed to list or delist a cryptocurrency. The New York State Department of Financial Services (NYDFS) has unveiled a new set of “heightened standards” for listing and delisting cryptocurrencies as the market “has evolved sufficiently.” In a statement on Nov. 15, NYDFS Superintendent Adrienne A. Harris said that licensed crypto businesses seeking listing of a token will have to submit their listing and delisting policies and receive approval from NYDFS. The regulator noted it “will not approve a…

NYDFS Rolls Out Stricter Guidelines for Cryptocurrency Listings, De-listings

The new rules also require companies to give advance for token de-listings and to be more transparent with their customers about removing support for cryptocurrencies they once listed. In addition, the companies must formulate their policies based upon “specific business model, operations, customers and counterparties, geographies of operations, and service providers; and to the use, purpose, and specific features of coins being considered.” Source

New York Regulator NYDFS Reviews Requirement for Crypto Coin Listings and Delistings

The new guidance will be the first one to key into delisting as a way of protecting investors. The New York State Department of Financial Services (NYDFS) is set to publish a new set of rules for crypto firms. The proposed guidance, per a Wall Street Journal report, will seek to ensure that crypto firms are more open about how they list and delist crypto coins. According to the financial regulator, the guidance will look to build on the previous version of the framework. That is as it also helps…