Planning to list (or delist) a token? NYDFS has some new guidelines for you

The NYDFS, following a September comment period, has rolled out new crypto guidance

article-image

NYDFS Superintendent Adrienne Harris | lev radin/Shutterstock modified by Blockworks

share

The New York State Department of Financial Services issued new listing guidance on cryptocurrencies Wednesday. 

The guidance comes after a feedback period that began back in September. 

According to feedback the NYDFS received, guidance ensures higher risk assessment standards for coin listing policies while also enhancing previous requirements for consumer-facing firms.

As first mentioned in September, the NYDFS requires companies to put forth a coin delisting policy that is “compliant with this guidance to ensure that, in the event a coin must be delisted, it can be done in an orderly way that protects consumers and minimizes market disruption.”

The DFS received extensive feedback that retail consumers needed more protections —  including that cryptocurrencies which “​​exhibit certain characteristics impermissible for self-certification for any virtual currency business activity available to retail consumers.”

Tailored risk assessments were mentioned by those surveyed so that crypto firms could have specific assessments relevant to their businesses due to the already strict assessment standards enforced by the DFS.

Specifically in regards to coin delisting policies, some of the commentators raised concerns about giving advance notifications around delistings, which they claim may not always be possible. 

To combat those concerns, the updated guidance, “provides limited exceptions to advance notification requirements based on exigent circumstances.”

Those who weighed in also asked for clearer definitions, with which the DFS says it complied.

With the updated guidance, crypto companies will put forth both a coin listing and delisting policy to receive approval from the department.

In September, when the coin delisting policy was first announced, the DFS said that the policy “must include robust procedures that comprehensively address all steps involved in removing support for a coin.”

It requires the company to tailor the policy to its “specific business model, operations, customers and counterparties, geographies of operations, and service providers; and to the use, purpose, and specific features of coins being considered.”

“This guidance continues the Department’s commitment to an innovative and data-driven approach to virtual currency oversight, keeping pace with industry developments,” said Superintendent Adrienne Harris.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (1).jpg

Research

With $13B in tokenized assets, strong institutional partnerships, and a clear first-mover advantage in the RWA space. The platform's methodical approach to regulatory compliance, coupled with its hybrid public-private architecture, positions it uniquely to capture significant market share in the emerging tokenization landscape. While current fee generation primarily stems from metadata transactions, the planned launch of Figure Markets, major exchange listings, and comprehensive market-making initiatives in 2025 could serve as powerful catalysts for growth.

article-image

Perena is built on the premise that as stablecoins proliferate, liquidity could fragment, and stablecoins aren’t useful if they aren’t liquid

article-image

From hackathons to trading tools and DAO governance, AI agents are redefining how we build and innovate

article-image

CME’s large bitcoin contracts are so big that investors are turning to micro bitcoin contracts

article-image

The third-largest stablecoin is going multichain for the first time in its seven-year history

article-image

Nano Labs’ news release notes confidence in bitcoin being “a reliable store of value amidst its rising global adoption”

article-image

Several big companies report third quarter earnings this week, likely moving markets