The US government, through the New York State Department of Financial Services (DFS), this Monday (18) published new rules for cryptocurrency brokers to list new assets for customers.
Additionally, the new rules should impose conditions for delisting cryptocurrency pairs on local exchanges.
In New York, the cryptocurrency market has one of the oldest and strictest laws in the market, known as BitLicence. The DFS itself is the body responsible for its implementation.
Because US regulations affect the entire global market, investors are closely monitoring the new legislation.
VOLT Initiative Introduces New Regulations for Cryptocurrency Exchanges in the US
First, since the new rules only became known to the public on Monday, they are still subject to public scrutiny. So until October 20, 2023, anyone interested in sending feedback to the DFS can make their views known.
When presenting the rules, Superintendent Adrienne A. Harris was responsible for introducing the VOLT initiative. She said the team reached 60 regulatory professionals in less than two years.
“Since joining DFS, I have made it a priority to ensure that the Department’s regulatory and operational resources keep pace with industry developments to protect consumers and markets. In less than two years, we have built our team of more than sixty experienced professionals, created and improved safeguards for consumers and industries, and worked with policymakers around the world – including with the US Congress to ensure there is a federal prudential regulator is the one that supervises the sector.”
Apparently the New York DFS profiles itself as a regulator that will be able to take care of the entire American crypto market in the future.
Coinbase and Robinhood have already paid fines for VOLT Initiative
Under Superintendent Harris, DFS issued its first fines against cryptocurrency companies, including Robinhood Crypto and Coinbase, Inc.
Over the past two years, the ministry has imposed more than $132 million in fines on cryptocurrency companies and used existing supervisory and enforcement authorities to require companies to stop unwanted behavior.
The VOLT initiative increases the standards required for cryptocurrency exchanges operating in the US to list new cryptocurrencies. Additionally, it says that cryptocurrencies removed from platforms must be declared to the DFS.
Finally, it updates the list of tokens and cryptocurrencies on the DFS Greenlist, the currencies allowed by the regulator.
The new rules have already been published for consultation on the official DFS website.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
