New York Regulator Revamps 'Greenlist,' Drops Ripple, Dogecoin And Litecoin Among Other Coins

The New York Department of Financial Services (DFS) has made significant changes to its list of approved cryptocurrencies, removing Ripple (CRYPTO: XRP), Dogecoin (CRYPTO: DOGE), and Litecoin (CRYPTO: LTC).

What Happened

On Monday, DFS said its updated digital currency supervision plan, which included a new protocol for listing cryptocurrencies by DFS-licensed firms. In the process, the agency eliminated more than two dozen tokens from its “greenlist,” leaving a total of eight, which included Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and PayPal Dollar.

DFS has been a pioneer in digital asset supervision in the U.S., despite criticism from the crypto sector regarding its slow licensing process. This is largely due to its BitLicense program and virtual currency unit. The revised guidelines reflect the regulator’s balanced stance on cryptocurrency regulation.

See Also: Crypto Analyst Says Bitcoin Bull Market Is On The Horizon: ‘This Is The Beginning’

Why It Matters

The greenlist was devised to simplify the approval procedure for custodianship and token listing by DFS-licensed firms. Earlier, these firms could self-certify tokens but were still required to inform DFS. Once two firms self-certified a token, it was greenlit for custodianship or listing by any DFS-licensed firm.

Photo by SvetlanaParnikova on Shutterstock

Read Next: Operating a fully-booked hotel is beyond stressful, but it's about to become much more efficient thanks to one startup. It amassed $5.5 million in the seed round, 5x'ed its customer base in 9 months, and is looking for investors.


Engineered by Benzinga Neuro, Edited by Mehab Qureshi


The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.


ENTER TO WIN $500 IN STOCK OR CRYPTO

Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!

Posted In: CryptocurrencyNewsMarketsBitcoinDFSdogecoinEthereumLitecoinripple