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NY Department of Financial Services Releases Guidance for US Dollar-Backed Stablecoins

Troutman Sanders

JUNE 21, 2022

On June 8, the New York State Department of Financial Services (NYDFS) issued new “ Guidance on the Issuance of U.S. Harris believes this new guidance “creates clear criteria for virtual currency companies looking to issue USD-backed stablecoins in New York.”. Kirsten Gillibrand (D-NY) and Sen.

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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

MAY 2, 2023

However, due to partisanship in the Senate, Senator Lummis believes her bill is unlikely to pass before the House Financial Service Committee’s bill is introduced. The bill additionally leaves room for assets that don’t fit neatly into either category. government securities, cash, and repurchase agreements collateralized by U.S.

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