Tuesday, March 21, 2023
Bitcoin - Altcoin News
No Result
View All Result
  • Login
No Result
View All Result
Bitcoin News
No Result
View All Result
Home News Crypto Regulation

This U.S. State Takes New Step For Crypto Regulation

news by news
January 23, 2023
in Crypto Regulation, News, nydfs, United States
0
This U.S. State Takes New Step For Crypto Regulation
0
SHARES
4
VIEWS
Share on FacebookShare on Twitter

READ ALSO

Did Circle Get A $3 Billion Credit Line From Coinbase To Get USDC Back To $1?

Top Crypto Projects With Upcoming Upgrades You Should Be Aware Of In 2023

crypto

Following the alleged co-mingling of funds at the defunct cryptocurrency exchange FTX and its associated financial firm Alameda Research, which resulted in significant losses for customers — the chief financial regulator in the state of New York is about to release new guidance on Monday that will dictate that companies separate the crypto assets of their customers from their own.

New Crypto Guidelines

The advisory is the most recent in a string of crypto-related directives that the New York State Department of Financial Services (NYDFS) has published over the course of the past year. Back in 2022, the world witnessed a market crash that reduced the value of crypto tokens by around $1.3 trillion in 2022. The breakdown caused the failure of cryptocurrency companies such as FTX and Celsius Network, the most recent of which was Genesis Global Capital, the lending section of which filed for protection under the bankruptcy laws of the United States on Thursday.

Additionally, state-regulated businesses must tell customers how they account for their customers’ digital money, according to the NYDFS, one of the few state agencies with such a regulatory structure in place. It comes at a time when federal regulators including the United States Commodity Futures Trading Commission (CFTC) are raising concerns about the absence of consumer protections in the cryptocurrency industry. There are several restrictions placed on the actions that federal agencies such as the CFTC can take since Congress has not passed legislation that grants them extra jurisdiction.

Crypto At Crossroads Of Regulation

The state of New York mandates that businesses go through audits to determine whether or not they are in compliance with state regulations on KYC policies, anti-money laundering safeguards, and capital requirements. Examinations of cryptocurrency businesses are uncommon in the majority of other states.

Adrienne Harris, the superintendent of NYDFS, was quoted as saying:

It’s timely, but truth be told, it was something we had on our policy roadmap even before FTX

Harris, a former senior counselor at the U.S. Treasury Department who was confirmed as superintendent last year, has spent most of her first year in the position enhancing her agency’s attention on cryptocurrency. According to her, the NYDFS virtual currency arm has close to 50 people and is currently looking to expand.

The post This U.S. State Takes New Step For Crypto Regulation appeared first on CoinGape.

Related Posts

Did Circle Get A $3 Billion Credit Line From Coinbase To Get USDC Back To $1?
24/7 Cryptocurrency News

Did Circle Get A $3 Billion Credit Line From Coinbase To Get USDC Back To $1?

March 20, 2023
Top Crypto Projects With Upcoming Upgrades You Should Be Aware Of In 2023
24/7 Cryptocurrency News

Top Crypto Projects With Upcoming Upgrades You Should Be Aware Of In 2023

March 20, 2023
Just-In: Polygon Launches zkEVM-powered Web3 Gaming Network; MATIC Price Surge Ahead?
24/7 Cryptocurrency News

Just-In: Polygon Launches zkEVM-powered Web3 Gaming Network; MATIC Price Surge Ahead?

March 20, 2023
Breaking: Ripple Files New Notice Supporting Fair Notice Defense Against SEC
Altcoin

Breaking: Ripple Files New Notice Supporting Fair Notice Defense Against SEC

March 20, 2023
Breaking: Elon Musk Considers FTX Among World’s Biggest Economic Failures
Altcoin News

Breaking: Elon Musk Considers FTX Among World’s Biggest Economic Failures

March 20, 2023
Solana Price: Major Underlying Trend To Trigger Rally?
Altcoin News

Solana Price: Major Underlying Trend To Trigger Rally?

March 20, 2023
Next Post
Litecoin Price Prediction: When To Expect LTC Rally Ahead Of Halving Event

Litecoin Price Prediction: When To Expect LTC Rally Ahead Of Halving Event

POPULAR NEWS

Bitcoin Price Prediction: On-Chain Data And Analysts Predict More Upside For BTC

Bitcoin Price Prediction: On-Chain Data And Analysts Predict More Upside For BTC

December 7, 2022
Crypto Prices Today: Huobi Token, Ethereum, Dogecoin Is Up; Solana Takes A Dip

Crypto Prices Today: Huobi Token, Ethereum, Dogecoin Is Up; Solana Takes A Dip

December 7, 2022
Donald Trump’s NFT Trading Cards Pump 350% In Value Upon Launch

Donald Trump’s NFT Trading Cards Pump 350% In Value Upon Launch

December 17, 2022
Bitcoin Price Today: BTC Rises By Nearly 2% While BlockFi Files For Bankruptcy

Bitcoin Price Today: BTC Rises By Nearly 2% While BlockFi Files For Bankruptcy

December 7, 2022
Breaking: “Guilty” FTX Executive Will Now Cooperate Against SBF In Probe

Breaking: “Guilty” FTX Executive Will Now Cooperate Against SBF In Probe

February 28, 2023

EDITOR'S PICK

XRP Price Dump Alert? Whales Caught Moving Mlns Of XRP

XRP Price Dump Alert? Whales Caught Moving Mlns Of XRP

January 31, 2023
Here’s How Much Your $100 Investment in Terra Classic Will Be Worth If LUNC Reaches $1

Here’s How Much Your $100 Investment in Terra Classic Will Be Worth If LUNC Reaches $1

December 12, 2022
Ahead of Ethereum Shanghai Upgrade, ETH Reaches Huge Milestone

Ahead of Ethereum Shanghai Upgrade, ETH Reaches Huge Milestone

January 16, 2023
Is Sam Bankman-Fried Finally On His Way To United States Tonight?

Is Sam Bankman-Fried Finally On His Way To United States Tonight?

December 20, 2022
Bitcoin - Altcoin News

© 2022 coingger.com

Navigate Site

  • Europe
  • Exchange
  • Elon Musk
  • ETH Price
  • crypto Tax U.S.
  • CZ
  • Crypto Miners
  • BTC Price
  • ChatGPT
  • China crypto
  • Coingecko
  • Binance Smart Chain
  • Bitcoin $100K
  • Airdrop

Follow Us

No Result
View All Result
  • Homepages
    • Home Page 1

© 2022 coingger.com

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In