Stablecoin guidelines published by New York's crypto regulator

[OZER]

As part of its efforts to protect consumers and financial institutions, the NYDFS imposed strict reserve requirements for stable coin issuers.

The New York banking and finance regulator has issued new guidelines showing that stablecoins must be backed by certain assets, with the assets segregated from the issuer's operational funds and regularly audited by a third party.

Consequently, the New York Department of Financial Services (NYDFS), which oversees crypto companies in the state, released its first guideline outlining a series of requirements that issuers within New York must adhere to.

NYDFS Superintendent Adrienne Harris said in an interview with CoinDesk that the purpose of the guidelines is to better protect consumers as well as ensure institutional soundness.

Taking a look at the stablecoin market and the guidance, something we had been thinking about before the events last month, our intention is to achieve those things for it, for institutions, for the market, and for consumers," she explained.

Providing liquidity for the redemption of stablecoins falls under this category.

The NYDFS recommends backing stablecoins with U.S. dollar reserves to the extent they are intended to be pegged to the U.S. dollar or other assets. U.S. government obligations with a maturity no greater than three months. U.S. government notes, such as Treasury bills. Treasury bills or Treasury bonds secured by reverse repurchase agreements.

[riki]

If you had $450,000.00 to invest, and you stuck it in a stable coin, then you had too much money to begin with.  Also, if you#39re looking for an alternative to the dollar that keeps its value in sync with the dollar, then what was your endgame?  You know, there#39s a asset that keeps in perfect sync with the dollar, it can be used in electronic transactions and it#39s accepted the world over... We call it: The Dollar.

[akb]

Suddenly Elon is evil. Wtf deep state.

[fav_]

All cryoto is not safe because its just dump scheme by the the so called money gurus

[liya]

Tire gague?

[anne]

Inflation is the top priority over anything

[pit]

We all know why gas prices are up so why do they blame it on inflation?

[sag]

Why even have Feds.  They are clueless...

[dent]

Ford add 6,000 more employees , Tesla cut 10% of it work force???..... I sold alls my Tesla   Right now & wait for Tesla get down to about $300 fair values to buy back.

[DAP7]

They said the same thing about bitcoin when it hit 8k per coin. 5 years after, It jumps to 50k per coin.

[atan]

If they illiminated trades if trhe xlm from any wallet to any wallet and allow us to make the price we want and made all trade on new tokens they could fi it but if they dont they will steal everyting

[shaw]

No it can't. There I answered you.

[aaaaa]

Current economic model comes from assumption, and it leads the inflation. I think changes needed to global economic model, otherwise it will be a like chicken and egg problem, chasing around the tail forever. Nobody will be happy getting higher wage but in the same time the expenses getting higher too. It's exhausting for the government trying to control it. Does anybody here feels the same way as I do?

[tyo]

As expected, Bitcoin hit its all-time high. The long volatile path to the top is expected to begin now that I expect Bitcoin to peak around Christmas. We often see the altcoins follow in the two weeks after that when Bitcoin makes a move, which could explain the recent surge in Ethereum and Solana. As big as Bitcoin is now, it's only a fraction of what it will be, so it's never too late, an important tip is to follow the guidance of a professional < In three weeks of trading I was able to get 9.2 BTC with signals of MARC FITZ do. they can be easily reached on Telegram as [MarcFitz_signals]

[bay8]

real information rather than your study Every time  publishes a study, I just look at the title, pause the  and go thru the comments to find out why... no offence  but the comments section is full of actual