The New York State Department of Financial Services (DFS) has set a precedent for digital asset stewardship.1 In a repatriation of sorts, they recently distanced themselves from Dogecoin by removing it from their occasionaly updated list of approved cryptocurrencies known as the ‘greenlist.’ Other mainstays such as Bitcoin, Ethereum, and the PayPal Dollar continued on with their endorsement by the DFS through initiatives like the BitLicense program and their virtual currency regulations. It turns out Dogecoin – and many others, was not in fact a security and ultimately too risky for retail investors, which stirred the criteria for crypto asset listings.2 Following this initiative, the NYDFS revealed these changes, listing off 25 assets no longer accepted by their regulations – namely including DOGE, Litecoin, and others.3 With this heightened emphasis on risk assessment and investor protection, it requires more than passing peer-reviewed criteria for greenlist acceptance, prompting entrepreneurs of the US Crypto industry advocatearijmore stringent standards with an ayeqtance of regulatory uncertainty in thins
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The New York Department of Financial Services (DFS) has made headlines by removing Dogecoin from its list of approved cryptocurrencies, known as the “greenlist.” Notable among its outgoing comrades were Bitcoin, Ethereum, and the PayPal Dollar which, in accordance to the outsets of this dynamic regulation, have retained their greenlighted status retained courtesy of programs such as the BitLicense and virtual currency unit. After it was determined not to be a security, Dogecoin was deemed unfit for retail investor safety measure protocols that would have seen it remain part of the greenlist. The virtual currency oversight framework introduced by NYDFS outlines imposition of higher requirements for settling potential insidious influence from customers. For now, the fleck of positively received, oversight has been issued fielding an industry unanimously responsive to all the regulatory subtleties that come with it.1
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