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New York's Department of Financial Services has issued a consumer alert warning against "sentiment-based virtual currencies," known as meme coins, highlighting their extreme volatility, lack of regulation and high risk of fraud, including "chive-cutting" schemes that suddenly drive up shipments. The department warned that these tokens are often...
According to Cointelegraph, Adrienne Harris, director of the New York Department of Financial Services (NYDFS), has unveiled the "Transatlantic Regulated Exchange (TRE) " exchange program to help regulators learn more about how foreign institutions deal with emerging payments and digital asset issues. The program will begin with the exchange of senior staff with experience in digital assets between the NYDFS and the Bank of England, Harris said in a Jan. 13 notice, "essential for regulatory coor...
Adrienne Harris, director of the New York Department of Financial Services (NYDFS), said federal crypto legislation is welcome, but states should retain regulatory responsibilities. Adrienne Harris said: "We are probably more eager than anyone to work with federal partners and see federal legislation and regulation come in, I think it is very important that legislation is passed and regulation is developed, but states should still retain their regulatory role." Adrienne Harris said she was "happ...
The Federal Reserve and the New York State Department of Financial Services (NYDFS) have approved digital bank OakNorth to establish a representative office in New York. The authorization will enable OakNorth to "proactively market its products and services from its U.S. offices while continuing to explore the possibility of obtaining a bank charter." Launched in September 2015, OakNorth focuses on servicing and empowering businesses with a turnover of 1 million to 100 million.
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