New York orders crypto companies to issue stablecoins backed by cash

New York orders crypto companies to issue stablecoins backed by cash
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  • xrpXRP (XRP) $ 0.326674 2.76%
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  • solanaSolana (SOL) $ 32.94 7.21%
  • dogecoinDogecoin (DOGE) $ 0.068702 2.85%
  • bitcoinBitcoin (BTC) $ 20,072.00 1.09%
  • ethereumEthereum (ETH) $ 1,094.70 4.72%
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  • bnbBNB (BNB) $ 219.37 2.2%
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  • xrpXRP (XRP) $ 0.326674 2.76%
  • cardanoCardano (ADA) $ 0.465022 1.58%
  • solanaSolana (SOL) $ 32.94 7.21%
  • dogecoinDogecoin (DOGE) $ 0.068702 2.85%
  • bitcoinBitcoin (BTC) $ 20,072.00 1.09%
  • ethereumEthereum (ETH) $ 1,094.70 4.72%
  • tetherTether (USDT) $ 1.00 0.18%
  • usd-coinUSD Coin (USDC) $ 1.00 0.2%
  • bnbBNB (BNB) $ 219.37 2.2%
  • binance-usdBinance USD (BUSD) $ 1.00 0.01%
  • xrpXRP (XRP) $ 0.326674 2.76%
  • cardanoCardano (ADA) $ 0.465022 1.58%
  • solanaSolana (SOL) $ 32.94 7.21%
  • dogecoinDogecoin (DOGE) $ 0.068702 2.85%
  • bitcoinBitcoin (BTC) $ 20,072.00 1.09%
  • ethereumEthereum (ETH) $ 1,094.70 4.72%
  • tetherTether (USDT) $ 1.00 0.18%
  • usd-coinUSD Coin (USDC) $ 1.00 0.2%
  • bnbBNB (BNB) $ 219.37 2.2%
  • binance-usdBinance USD (BUSD) $ 1.00 0.01%
  • xrpXRP (XRP) $ 0.326674 2.76%
  • cardanoCardano (ADA) $ 0.465022 1.58%
  • solanaSolana (SOL) $ 32.94 7.21%
  • dogecoinDogecoin (DOGE) $ 0.068702 2.85%
  • bitcoinBitcoin (BTC) $ 20,072.00 1.09%
  • ethereumEthereum (ETH) $ 1,094.70 4.72%
  • tetherTether (USDT) $ 1.00 0.18%
  • usd-coinUSD Coin (USDC) $ 1.00 0.2%
  • bnbBNB (BNB) $ 219.37 2.2%
  • binance-usdBinance USD (BUSD) $ 1.00 0.01%
  • xrpXRP (XRP) $ 0.326674 2.76%
  • cardanoCardano (ADA) $ 0.465022 1.58%
  • solanaSolana (SOL) $ 32.94 7.21%
  • dogecoinDogecoin (DOGE) $ 0.068702 2.85%
  • bitcoinBitcoin (BTC) $ 20,072.00 1.09%
  • ethereumEthereum (ETH) $ 1,094.70 4.72%
  • tetherTether (USDT) $ 1.00 0.18%
  • usd-coinUSD Coin (USDC) $ 1.00 0.2%
  • bnbBNB (BNB) $ 219.37 2.2%
  • binance-usdBinance USD (BUSD) $ 1.00 0.01%
  • xrpXRP (XRP) $ 0.326674 2.76%
  • cardanoCardano (ADA) $ 0.465022 1.58%
  • solanaSolana (SOL) $ 32.94 7.21%
  • dogecoinDogecoin (DOGE) $ 0.068702 2.85%
  • bitcoinBitcoin (BTC) $ 20,072.00 1.09%
  • ethereumEthereum (ETH) $ 1,094.70 4.72%
  • tetherTether (USDT) $ 1.00 0.18%
  • usd-coinUSD Coin (USDC) $ 1.00 0.2%
  • bnbBNB (BNB) $ 219.37 2.2%
  • binance-usdBinance USD (BUSD) $ 1.00 0.01%
  • xrpXRP (XRP) $ 0.326674 2.76%
  • cardanoCardano (ADA) $ 0.465022 1.58%
  • solanaSolana (SOL) $ 32.94 7.21%
  • dogecoinDogecoin (DOGE) $ 0.068702 2.85%
  • bitcoinBitcoin (BTC) $ 20,072.00 1.09%
  • ethereumEthereum (ETH) $ 1,094.70 4.72%
  • tetherTether (USDT) $ 1.00 0.18%
  • usd-coinUSD Coin (USDC) $ 1.00 0.2%
  • bnbBNB (BNB) $ 219.37 2.2%
  • binance-usdBinance USD (BUSD) $ 1.00 0.01%
  • xrpXRP (XRP) $ 0.326674 2.76%
  • cardanoCardano (ADA) $ 0.465022 1.58%
  • solanaSolana (SOL) $ 32.94 7.21%
  • dogecoinDogecoin (DOGE) $ 0.068702 2.85%
  • bitcoinBitcoin (BTC) $ 20,072.00 1.09%
  • ethereumEthereum (ETH) $ 1,094.70 4.72%
  • tetherTether (USDT) $ 1.00 0.18%
  • usd-coinUSD Coin (USDC) $ 1.00 0.2%
  • bnbBNB (BNB) $ 219.37 2.2%
  • binance-usdBinance USD (BUSD) $ 1.00 0.01%
  • xrpXRP (XRP) $ 0.326674 2.76%
  • cardanoCardano (ADA) $ 0.465022 1.58%
  • solanaSolana (SOL) $ 32.94 7.21%
  • dogecoinDogecoin (DOGE) $ 0.068702 2.85%
  • bitcoinBitcoin (BTC) $ 20,072.00 1.09%
  • ethereumEthereum (ETH) $ 1,094.70 4.72%
  • tetherTether (USDT) $ 1.00 0.18%
  • usd-coinUSD Coin (USDC) $ 1.00 0.2%
  • bnbBNB (BNB) $ 219.37 2.2%
  • binance-usdBinance USD (BUSD) $ 1.00 0.01%
  • xrpXRP (XRP) $ 0.326674 2.76%
  • cardanoCardano (ADA) $ 0.465022 1.58%
  • solanaSolana (SOL) $ 32.94 7.21%
  • dogecoinDogecoin (DOGE) $ 0.068702 2.85%
  • bitcoinBitcoin (BTC) $ 20,072.00 1.09%
  • ethereumEthereum (ETH) $ 1,094.70 4.72%
  • tetherTether (USDT) $ 1.00 0.18%
  • usd-coinUSD Coin (USDC) $ 1.00 0.2%
  • bnbBNB (BNB) $ 219.37 2.2%
  • binance-usdBinance USD (BUSD) $ 1.00 0.01%
  • xrpXRP (XRP) $ 0.326674 2.76%
  • cardanoCardano (ADA) $ 0.465022 1.58%
  • solanaSolana (SOL) $ 32.94 7.21%
  • dogecoinDogecoin (DOGE) $ 0.068702 2.85%
  • bitcoinBitcoin (BTC) $ 20,072.00 1.09%
  • ethereumEthereum (ETH) $ 1,094.70 4.72%
  • tetherTether (USDT) $ 1.00 0.18%
  • usd-coinUSD Coin (USDC) $ 1.00 0.2%
  • bnbBNB (BNB) $ 219.37 2.2%
  • binance-usdBinance USD (BUSD) $ 1.00 0.01%
  • xrpXRP (XRP) $ 0.326674 2.76%
  • cardanoCardano (ADA) $ 0.465022 1.58%
  • solanaSolana (SOL) $ 32.94 7.21%
  • dogecoinDogecoin (DOGE) $ 0.068702 2.85%
  • bitcoinBitcoin (BTC) $ 20,072.00 1.09%
  • ethereumEthereum (ETH) $ 1,094.70 4.72%
  • tetherTether (USDT) $ 1.00 0.18%
  • usd-coinUSD Coin (USDC) $ 1.00 0.2%
  • bnbBNB (BNB) $ 219.37 2.2%
  • binance-usdBinance USD (BUSD) $ 1.00 0.01%
  • xrpXRP (XRP) $ 0.326674 2.76%
  • cardanoCardano (ADA) $ 0.465022 1.58%
  • solanaSolana (SOL) $ 32.94 7.21%
  • dogecoinDogecoin (DOGE) $ 0.068702 2.85%
  • bitcoinBitcoin (BTC) $ 20,072.00 1.09%
  • ethereumEthereum (ETH) $ 1,094.70 4.72%
  • tetherTether (USDT) $ 1.00 0.18%
  • usd-coinUSD Coin (USDC) $ 1.00 0.2%
  • bnbBNB (BNB) $ 219.37 2.2%
  • binance-usdBinance USD (BUSD) $ 1.00 0.01%
  • xrpXRP (XRP) $ 0.326674 2.76%
  • cardanoCardano (ADA) $ 0.465022 1.58%
  • solanaSolana (SOL) $ 32.94 7.21%
  • dogecoinDogecoin (DOGE) $ 0.068702 2.85%
  • bitcoinBitcoin (BTC) $ 20,072.00 1.09%
  • ethereumEthereum (ETH) $ 1,094.70 4.72%
  • tetherTether (USDT) $ 1.00 0.18%
  • usd-coinUSD Coin (USDC) $ 1.00 0.2%
  • bnbBNB (BNB) $ 219.37 2.2%
  • binance-usdBinance USD (BUSD) $ 1.00 0.01%
  • xrpXRP (XRP) $ 0.326674 2.76%
  • cardanoCardano (ADA) $ 0.465022 1.58%
  • solanaSolana (SOL) $ 32.94 7.21%
  • dogecoinDogecoin (DOGE) $ 0.068702 2.85%
  • bitcoinBitcoin (BTC) $ 20,072.00 1.09%
  • ethereumEthereum (ETH) $ 1,094.70 4.72%
  • tetherTether (USDT) $ 1.00 0.18%
  • usd-coinUSD Coin (USDC) $ 1.00 0.2%
  • bnbBNB (BNB) $ 219.37 2.2%
  • binance-usdBinance USD (BUSD) $ 1.00 0.01%
  • xrpXRP (XRP) $ 0.326674 2.76%
  • cardanoCardano (ADA) $ 0.465022 1.58%
  • solanaSolana (SOL) $ 32.94 7.21%
  • dogecoinDogecoin (DOGE) $ 0.068702 2.85%
  • bitcoinBitcoin (BTC) $ 20,072.00 1.09%
  • ethereumEthereum (ETH) $ 1,094.70 4.72%
  • tetherTether (USDT) $ 1.00 0.18%
  • usd-coinUSD Coin (USDC) $ 1.00 0.2%
  • bnbBNB (BNB) $ 219.37 2.2%
  • binance-usdBinance USD (BUSD) $ 1.00 0.01%
  • xrpXRP (XRP) $ 0.326674 2.76%
  • cardanoCardano (ADA) $ 0.465022 1.58%
  • solanaSolana (SOL) $ 32.94 7.21%
  • dogecoinDogecoin (DOGE) $ 0.068702 2.85%
  • bitcoinBitcoin (BTC) $ 20,072.00 1.09%
  • ethereumEthereum (ETH) $ 1,094.70 4.72%
  • tetherTether (USDT) $ 1.00 0.18%
  • usd-coinUSD Coin (USDC) $ 1.00 0.2%
  • bnbBNB (BNB) $ 219.37 2.2%
  • binance-usdBinance USD (BUSD) $ 1.00 0.01%
  • xrpXRP (XRP) $ 0.326674 2.76%
  • cardanoCardano (ADA) $ 0.465022 1.58%
  • solanaSolana (SOL) $ 32.94 7.21%
  • dogecoinDogecoin (DOGE) $ 0.068702 2.85%
  • bitcoinBitcoin (BTC) $ 20,072.00 1.09%
  • ethereumEthereum (ETH) $ 1,094.70 4.72%
  • tetherTether (USDT) $ 1.00 0.18%
  • usd-coinUSD Coin (USDC) $ 1.00 0.2%
  • bnbBNB (BNB) $ 219.37 2.2%
  • binance-usdBinance USD (BUSD) $ 1.00 0.01%
  • xrpXRP (XRP) $ 0.326674 2.76%
  • cardanoCardano (ADA) $ 0.465022 1.58%
  • solanaSolana (SOL) $ 32.94 7.21%
  • dogecoinDogecoin (DOGE) $ 0.068702 2.85%
  • bitcoinBitcoin (BTC) $ 20,072.00 1.09%
  • ethereumEthereum (ETH) $ 1,094.70 4.72%
  • tetherTether (USDT) $ 1.00 0.18%
  • usd-coinUSD Coin (USDC) $ 1.00 0.2%
  • bnbBNB (BNB) $ 219.37 2.2%
  • binance-usdBinance USD (BUSD) $ 1.00 0.01%
  • xrpXRP (XRP) $ 0.326674 2.76%
  • cardanoCardano (ADA) $ 0.465022 1.58%
  • solanaSolana (SOL) $ 32.94 7.21%
  • dogecoinDogecoin (DOGE) $ 0.068702 2.85%
  • bitcoinBitcoin (BTC) $ 20,072.00 1.09%
  • ethereumEthereum (ETH) $ 1,094.70 4.72%
  • tetherTether (USDT) $ 1.00 0.18%
  • usd-coinUSD Coin (USDC) $ 1.00 0.2%
  • bnbBNB (BNB) $ 219.37 2.2%
  • binance-usdBinance USD (BUSD) $ 1.00 0.01%
  • xrpXRP (XRP) $ 0.326674 2.76%
  • cardanoCardano (ADA) $ 0.465022 1.58%
  • solanaSolana (SOL) $ 32.94 7.21%
  • dogecoinDogecoin (DOGE) $ 0.068702 2.85%
  • bitcoinBitcoin (BTC) $ 20,072.00 1.09%
  • ethereumEthereum (ETH) $ 1,094.70 4.72%
  • tetherTether (USDT) $ 1.00 0.18%
  • usd-coinUSD Coin (USDC) $ 1.00 0.2%
  • bnbBNB (BNB) $ 219.37 2.2%
  • binance-usdBinance USD (BUSD) $ 1.00 0.01%
  • xrpXRP (XRP) $ 0.326674 2.76%
  • cardanoCardano (ADA) $ 0.465022 1.58%
  • solanaSolana (SOL) $ 32.94 7.21%
  • dogecoinDogecoin (DOGE) $ 0.068702 2.85%
ECONOMY

New York orders crypto companies to issue stablecoins backed by cash

New York State Department of Financial Services Superintendent Adrienne Harris published a new regulatory policy for stablecoins.

06/08/2022

New York orders crypto companies to issue stablecoins backed by cash

New York State Department of Financial Services initiates the issuance of a regulatory framework to provide “clear criteria for virtual currency companies looking to issue USD-backed stablecoins in New York.”

NY requires USD-backed stablecoins, not just algorithm

According to the release , the new regulatory guidance demands 100% dollar-backed stablecoins. Adrienne Harris, a superintendent of the New York State Department of Financial Services, stated:

“Since DFS approved the first USD-backed stablecoins for issuance in New York in 2018, our regulated entities have had to meet conservative reserve requirements and provide routine attestations to protect consumers and ensure the stability of the coins issued,”

“Leveraging our years of expertise in the space, our Regulatory Guidance today creates clear criteria for virtual currency companies looking to issue USD-backed stablecoins in New York.”

In addition, the directive about USD-backed stablecoin agrees with the regulatory requirements known as the Responsible Financial Innovation Act.

The US. Senators Cynthia Lummis R-Wyo and Kirsten Gillibrand proposed the regulatory guideline to establish “a broad regulatory framework for the cryptocurrency industry as a whole.”

Moreover, the release added that the regulatory requirement “does not apply to USD-backed stablecoins listed; yet it is only applicable to DFA-regulated virtual currencies.

By Marielle Petere Wozinga Staff

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