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New York Department of Financial Services Restructures Cryptocurrency Oversight, Axes Ripple and Dogecoin from Greenlist

The New York Department of Financial Services (DFS) has removed Ripple and Dogecoin from its "greenlist" of approved cryptocurrencies, while Bitcoin, Ether, and the PayPal Dollar remain. The DFS has positioned itself as a leader in digital asset regulation, with its BitLicense program and virtual currency unit.

The revised guidance clarifies the DFS's expectations for token-listing and delisting procedures, with elevated risk assessment standards and augmented requisites for businesses targeting retail consumers. Despite its strict oversight, the DFS's methods have gained respect from many in the US crypto sector, who face ongoing challenges amid regulatory uncertainty.

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