XRP: Regulator removed the asset from NY Crypto Greenlist
XRP: Regulator removed the asset from NY Crypto Greenlist
The New York Department of Financial Services (DFS) released a statement on Monday regarding a change in its approach to crypto regulation.
According to the DFS decision, the digital assets Ripple (XRP) and Dogecoin (DOGE) have been removed from the green list of cryptocurrencies. Meanwhile, Bitcoin (BTC), Ethereum (ETH), and PayPal (PYUSD) digital currencies remain on the list. Ripple is licensed in New York, but the DFS removed XRP from the approved list of cryptocurrencies, only allowing digital assets to be held on the DFS-approved list.
Previously, the green list included 25 tokens, including Ethereum, Litecoin, and the new PYUSD, but that number has now been reduced to 8 tokens.
Currently, the price of XRP is up 2.6%, and the token is trading at $0.505623. Traders Union's financial analysts monitor the price trends and publish a forecast for the near and long term.
DFS intends to be at the forefront of cryptocurrency regulation. The introduction of the new guidelines demonstrates DFS's elaborate strategy in line with the BitLicense program.
It is worth noting that many members of the crypto community are unhappy with the new DFS licensing program, even though it demonstrates a well-thought-out strategy for regulating crypto.
XRP lawyers criticized the DFS for removing XRP from the list of approved coins and stablecoins. Ripple's attorney, John Deaton, commented on the decision, calling it political: "It has already been established that XRP is not considered a security. It's not even a security if Ripple sells it on exchanges. Yea, this move isn't political or punitive in nature."
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Despite the DFS's harsh stance, its methods still command a certain amount of respect from the crypto sector, as risk assessment standards will now be raised in token listing guidelines. This is especially important in light of the unilateral policies of regulators, including the SEC, and their unwillingness to develop rules to regulate the industry.
