New York Financial Regulator Raises Transparency Bar For Crypto Listings, Delistings
Portfolio Pulse from Khyathi Dalal
The New York State Department of Financial Services (NYDFS) has announced guidelines for cryptocurrency companies to draft policies for listing and delisting tokens under its VOLT initiative. The public can comment on the proposed legislation until Oct.20, 2023. The new guidance requires companies to provide detailed explanations on how they decide to delist tokens. The Department has imposed more than $132 million in penalties against virtual currency companies including Coinbase (NASDAQ:COIN) and Robinhood’s (NASDAQ:HOOD) crypto unit.
September 18, 2023 | 4:17 pm
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NEGATIVE IMPACT
Coinbase may be affected by the new NYDFS guidelines for listing and delisting tokens.
As a major cryptocurrency exchange, Coinbase is directly affected by regulations regarding the listing and delisting of tokens. The new guidelines could potentially increase operational costs and complexity.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Robinhood's crypto unit may be affected by the new NYDFS guidelines for listing and delisting tokens.
Robinhood's crypto unit, as a platform dealing with cryptocurrencies, is directly affected by regulations regarding the listing and delisting of tokens. The new guidelines could potentially increase operational costs and complexity.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80