{"id":21557,"date":"2023-09-23T07:36:37","date_gmt":"2023-09-23T07:36:37","guid":{"rendered":"https:\/\/microloannexus.com\/investing\/new-york-state-financial-regulator-is-getting-strict-on-crypto-coin-offerings-what-does-this-mean-for-investors\/"},"modified":"2023-09-23T07:36:39","modified_gmt":"2023-09-23T07:36:39","slug":"new-york-state-financial-regulator-is-getting-strict-on-crypto-coin-offerings-what-does-this-mean-for-investors","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=21557","title":{"rendered":"New York state financial regulator is getting strict on crypto coin offerings. What does this mean for investors?"},"content":{"rendered":"
\n

Hi everyone, welcome back to another Distributed Ledger newsletter. This is Anushree Dave, a reporter at MarketWatch. <\/p>\n

Earlier this week, the New York State Department of Financial Services published guidance asking crypto firms to draft coin-listing policies so that there\u2019s more transparency about how they list and delist crypto coins. <\/p>\n

\n

As part of the update, the DFS also removed over two dozen tokens from its \u201cgreenlist\u201d of approved tokens, which included popular coins like Dogecoin, Litecoin, and Ripple. Tokens still on the list include Bitcoin, Ether, and the new PayPal dollar. <\/p>\n

In 2022, crypto hacks and scams took over $3 billion from victims, and the U.S. Congress has since been trying to figure out the best way forward on crypto regulation. However, the new guidance from the New York DFS demonstrates how one state is approaching crypto regulation, and how the sector may evolve in the future. <\/p>\n

But what will this mean for investors, especially those who opt to invest in riskier coins? I spoke to some crypto industry insiders to get their reactions.<\/p>\n

Regulation reactions<\/h2>\n

With major exchanges already having well-established and time-tested standards in New York, \u201cat present, the impact of this news on the market is limited,\u201d said Gracy Chen, managing director of Bitget, a crypto derivatives exchange. \u201cHowever, the framework being pushed by New York may have adverse effects on the compliance and liquidity of local market projects \u2014 especially those that do not align with the proposed framework \u2014 potentially causing abnormal market fluctuations.\u201d<\/p>\n

Others worry that the regulations may impact innovation in the sector, as is a usual concern with regulating crypto. \u201cWhile there\u2019s concern that innovation may face headwinds due to tighter oversight, the true North here seems clear: crafting a cryptocurrency market that\u2019s transparent, secure, and resistant to scams,\u201d Nikolay Denisenko, co-founder and CTO of the Brighty App, a neobank. <\/p>\n

But until we have federal government leadership in the area, the benefits of these kind of state rules will be muted, said Rahsan Boykin, general counsel at Hashflow, a crypto trading platform. <\/p>\n

Crypto in a snap<\/h2>\n

Bitcoin\u00a0
\n BTCUSD,
\n +0.18%<\/bg-quote>
\n is trading at around $26,700 as of Thursday morning, gaining 2.13% in the past 7 days, according to CoinDesk data. Ether is trading at $1,954 dipping 0.37% in the past week. <\/p>\n

Must reads<\/h2>\n

The lawyers Sam Bankman Fried once trusted are drawing criticism (The New York Times) <\/p>\n

Your NFTs Are Actually \u2014 Finally \u2014 Totally Worthless (Rolling Stone)<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Hi everyone, welcome back to another Distributed Ledger newsletter. This is Anushree Dave, a reporter at MarketWatch. Earlier this week, the New York State Department of Financial Services published guidance asking crypto firms to draft coin-listing policies so that there\u2019s more transparency about how they list and delist crypto coins. As part of the update,<\/p>\n","protected":false},"author":1,"featured_media":11016,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"class_list":{"0":"post-21557","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"yoast_head":"\nNew York state financial regulator is getting strict on crypto coin offerings. What does this mean for investors? | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"Hi everyone, welcome back to another Distributed Ledger newsletter. 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