Today, the Chamber of Digital Commerce submitted a formal response to the New York Department of Financial Services’ (NYDFS) Proposed Coin-Listing Policy Framework. A sincere thank you to all members who joined our workstream and contributed to this response.
The response provided NYDFS with insights into the potential pitfalls of the proposed framework, while advocating for a more balanced regulatory environment. We challenge NYDFS’s proposed shift of compliance burdens onto Virtual Currency Entities, arguing doing so could further stifle digital asset innovation in New York. The Chamber also expresses reservations about the Department’s unilateral decision-making processes, such as the delisting of tokens, which we believe undermines trust and due process.