DOGE and XRP Removed from New York DFS GreenList, Sparking Controversy

The New York Department of Financial Services (DFS) has updated its "greenlist" of approved digital tokens, leading to questions and speculation about the future of cryptocurrency regulations. One of the most notable changes is the removal of Ripple (XRP) and Dogecoin (DOGE). 

DFS Superintendent Adrienne Harris announced the updated guidance for the greenlist in a Press Release. The new guidance set a higher standard for evaluating the risk of listing and delisting cryptocurrencies. 

“Today’s proposed guidance for Coin-listing and guidance on the General Framework for Greenlisted Coins enhances the original framework issued by the Department in 2020 by clarifying DFS’ expectations with respect to the coin-listing and delisting policies of DFS-regulated entities. The enhancements have been developed through ongoing supervision, and the guidance aligns best practices across all entities,” the statement read. 

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As seen in the statement, the guidance published:  

• Heightens risk assessment standards for coin-listing policies and tailors enhanced requirements for retail consumer-facing businesses; 

• requires licensees to develop and submit to DFS for approval a coin-delisting policy that is compliant with this proposed guidance and 
• updates the DFS Greenlist, the list of coins and tokens approved for all licensees to list or custody, and the Greenlist process. 

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The DFS's decision has not gone unnoticed. Crypto analyst Crypto Wendy O expressed concerns, stating: "New York crypto regulator removes $DOGE and $XRP from token ‘greenlist’ in latest update. If you people do not see what is going on with this current administration and their predatory actions of injustice, I do not know what to tell you."

The DFS's recent modifications to its "greenlist" have stirred controversy and raised questions about the future landscape of cryptocurrency regulations. While the new guidelines aim to enhance oversight, removing popular tokens like DOGE and XRP has left users questioning the motives behind these changes.

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