Green list for coins published by DFS
Does it make sense having a green list for a coin you can't regulate?
The Department of Financial Services just brought a green list up with "pre-approved" cryptocurrencies for custody. And there is the crux. Do you want to have custody with bitcoin? The volatility will kill you. And if you use wBtc or other stables behind people had hard to learn they lose a lot of value caused to the on and offsets during a move. But still it is interesting that companies have to file with DFS using one of these coins and listings.
The 10 cryptocurrencies are binance USD (BUSD), bitcoin (BTC), bitcoin cash (BCH), ethereum classic (ETC), ethereum (ETH), gemini dollar (GUSD), litecoin (LTC), pax gold (PAXG), paxos standard (PAX), and ripple (XRP). The same cryptocurrencies are pre-approved for listing, except forETCandXRP. “If a licensed entity decides to use a coin on the Greenlist, it must inform DFS prior to beginning its use,” the regulator noted.
The DFS will maintain an updated list of all cryptocurrencies permitted for crypto companies’ business activities without its prior approval, “as long as such listed coins had not been subject to any material modification, division, or change after their listing on the DFS webpage (the ‘Greenlist’),” the regulator emphasized.
The business should start to think if the crises is also a political problem not a business matter at all and decide if they go the whole way or not. For sure BTC will have an impact and recognized on the green list and thats a huge step. But why XRP as fake is in nobody knows. Full article here.