– The New York Department of Financial Services is set to publish new guidance for crypto firms on Monday, according to a Wall Street Journal report.- The financial regulator has asked virtual currency companies to upgrade to higher listing, delisting standards and protect user funds.- The regulator proposed the new rules, which are open for comments until October 20, after identifying new risks.New York’s State Department of Financial Services (NYDFS), the regulator responsible for financial services and products registered by firms within the state, is about to issue new guidance for crypto firms with the aim to improve transparency about the process of listing and delisting crypto assets.According to a report from The Wall Street Journal, the [regulator](https://www.fxstreet.com/cryptocurrencies/news/chainlink-could-face-increased-selling-pressure-as-100-million-worth-of-link-tokens-hit-exchanges-202309180806) will require higher listing and delisting standards for tokens.It also urged virtual currency firms to submit new policies to improve transparency in the sector.
The move by the financial regulator is likely to benefit [crypto traders](https://www.fxstreet.com/cryptocurrencies/resources/market-cryptocurrency-money-makers) and market participants as it could help prevent scams and the loss of user funds.Fraud during the process of listing or delisting crypto assets is common, and in cases such as the rug pull of the [BALD](https://www.fxstreet.com/cryptocurrencies/news/ethereum-layer-2-networks-base-zksync-era-make-history-eth-bites-the-dust-202309180556) token at the beginning of August have wiped out millions of dollars from traders.
Also read: [Shiba Inu whales move 1.52 trillion SHIB overnight, meme coin gears for recovery](https://www.fxstreet.com/cryptocurrencies/news/shiba-inu-whales-move-152-trillion-shib-overnight-meme-coin-gears-for-recovery-202309181102) New York financial regulator asks crypto firms to submit listing, delisting policies NYDFS seems to have taken note of the recent listing of tokens that ended up being rug pulls or scams.The regulator has therefore outlined its expectations from virtual currency firms and asked them to raise the standards for evaluation of tokens before listing them on their platform.The guidance provided by the NYDFS will be the first compilation of standards for delisting of tokens.NYDFS Superintendent Adrienne Harris told the WSJ: When we know that a coin that someone once thought was OK, when we see that new risks have emerged or the coin is being misused, we want our entities to have a way to delist the coin in a way that’s still protective of consumers and protects safety and soundness as well.
The regulator requires firms to take a three-pronged approach and submit drafts of listing policies based on governance, risk assessment and procedures used to monitor the token.Further, the virtual asset company needs to self-certify a listing once it meets the defined standards, and notify the NYDFS through a written notice.The guidance applies to both listing and offering custody for a [coin](https://www.fxstreet.com/cryptocurrencies/news/what-to-expect-from-bitcoin-price-as-34-trillion-stock-options-set-to-expire-on-friday-202309151228), and the regulator will compile a greenlist of assets approved for listing and delisting by firms.The proposed legislation is open to the public for comments until October 20.
Cryptocurrency prices FAQs How do new token launches or listings affect cryptocurrency prices? Token launches like Arbitrum’s ARB airdrop and Optimism OP influence demand and adoption among market participants.Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network.This is typically bullish for a digital asset.How do hacks affect cryptocurrency prices? A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods.
The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins.Such events often involve an en masse panic triggering a sell-off in the affected assets.How do macroeconomic releases and events affect cryptocurrency prices? Macroeconomic events like the US Federal Reserve’s decision on interest rates influence risk assets like Bitcoin, mainly through the direct impact they have on the US Dollar.An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa.
If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.
How do major crypto upgrades like halvings, hard forks affect cryptocurrency prices? Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset.At consistent demand if the supply reduces, the asset’s price climbs.This has been observed in Bitcoin and Litecoin.
Like this article? Help us with some feedback by answering this survey: Information on these pages contains forward-looking statements that involve risks and uncertainties.Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.You should do your own thorough research before making any investment decisions.FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.It also does not guarantee that this information is of a timely nature.Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress.All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.
The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.The author will not be held responsible for information that is found at the end of links posted on this page.If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned.The author has not received compensation for writing this article, other than from FXStreet.FXStreet and the author do not provide personalized recommendations.
The author makes no representations as to the accuracy, completeness, or suitability of this information.FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use.Errors and omissions excepted.The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.[Join Telegram](https://t.me/fxstreetcrypto) Follow us on Telegram Stay updated of all the news Recommended Content Editors’ Picks [New York financial regulator to set higher standards for token listing, delisting](https://www.fxstreet.com/cryptocurrencies/news/new-york-financial-regulator-to-set-higher-standards-for-token-listing-delisting-202309181202) [](https://www.fxstreet.com/cryptocurrencies/news/new-york-financial-regulator-to-set-higher-standards-for-token-listing-delisting-202309181202) NYDFS, the regulator responsible for financial services and products registered by firms within the state, is about to issue new guidance for crypto firms with the aim to improve transparency about the process of listing and delisting crypto assets.
[More Cryptocurrencies News](https://www.fxstreet.com/cryptocurrencies/news) [Shiba Inu whales move 1.52 trillion SHIB overnight, meme coin gears for recovery](https://www.fxstreet.com/cryptocurrencies/news/shiba-inu-whales-move-152-trillion-shib-overnight-meme-coin-gears-for-recovery-202309181102) [](https://www.fxstreet.com/cryptocurrencies/news/shiba-inu-whales-move-152-trillion-shib-overnight-meme-coin-gears-for-recovery-202309181102) Shiba Inu, one of the largest meme coins in the crypto ecosystem, seems to be gearing towards a price recovery, according to the latest on-chain developments.Large volume transfers initiated by whales moved 1.52 trillion SHIB tokens in the past 24 hours.[More Shiba Inu News](https://www.fxstreet.com/cryptocurrencies/news?q=shiba%20inu&hPP=15&idx=FxsIndexPro&p=0) [Chainlink could face increased selling pressure as $100 million worth of LINK tokens hit exchanges](https://www.fxstreet.com/cryptocurrencies/news/chainlink-could-face-increased-selling-pressure-as-100-million-worth-of-link-tokens-hit-exchanges-202309180806) [](https://www.fxstreet.com/cryptocurrencies/news/chainlink-could-face-increased-selling-pressure-as-100-million-worth-of-link-tokens-hit-exchanges-202309180806) Chainlink’s supply on exchanges has climbed with 18.75 million tokens hitting centralized exchanges like Binance.This represents $100 million worth of LINK tokens, which could create considerable selling pressure on Chainlink and a likely decline in the asset’s price.[More Chainlink News](https://www.fxstreet.com/cryptocurrencies/news?q=chainlink&hPP=15&idx=FxsIndexPro&p=0) [Ethereum Layer 2 networks BASE, zkSync Era make history, ETH bites the dust](https://www.fxstreet.com/cryptocurrencies/news/ethereum-layer-2-networks-base-zksync-era-make-history-eth-bites-the-dust-202309180556) [](https://www.fxstreet.com/cryptocurrencies/news/ethereum-layer-2-networks-base-zksync-era-make-history-eth-bites-the-dust-202309180556) Ethereum recently hit a key milestone marking the one year anniversary of the Merge.
In the past year, there has been an increase in activity on two Layer 2 chains: Coinbase’s BASE and zkSync Era.[More Cryptocurrencies News](https://www.fxstreet.com/cryptocurrencies/news) [Bitcoin: BTC contemplates crash in September](https://www.fxstreet.com/cryptocurrencies/news/bitcoin-weekly-forecast-btc-contemplates-crash-in-september-202309150621) [](https://www.fxstreet.com/cryptocurrencies/news/bitcoin-weekly-forecast-btc-contemplates-crash-in-september-202309150621) Bitcoin price remains unfazed by the US CPI announcement on September 13 and continues to move in a range.The weekly chart, however, shows a potential short-term recovery rally that could set the stage for a steep correction.[Read full analysis](https://www.fxstreet.com/cryptocurrencies/news/bitcoin-weekly-forecast-btc-contemplates-crash-in-september-202309150621).
