The New York Department of Financial Services (DFS) has tightened regulations on cryptocurrency assets by removing popular tokens such as Ripple’s XRP and Dogecoin from its approved “greenlist”. The updated greenlist now consists of only 8 approved tokens, mainly stablecoins issued by DFS-registered entities, along with Bitcoin and Ethereum. Businesses wishing to transact with non-greenlisted tokens must inform the DFS at least ten days before launching their services. The DFS stated that it may consider adding a coin to the greenlist if it has a demonstrated, historic record consistent with safety and soundness, customer protection, and marketplace adoption. The decision to remove XRP from the approved list has been criticized as political and punitive.
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