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Anchorage Digital has secured a BitLicense in New York, enabling the company to serve institutions in the world's financial capital.
"Secure and cost-efficient trading" is set to be on offer from early next year, it said in an announcement on Monday.
Companies have said that acquiring a BitLicense is both time consuming and expensive, with just a handful of firms getting the green light from regulators.
New York residents and businesses that wish to buy and sell crypto can only transact with platforms that have a BitLicense. Critics claim this stifles innovation and disproportionately affects startups.
Genesis Pays $8 Million and Forfeits BitLicense to Settle New York Charges
Genesis Global Trading, a subsidiary of the influential cryptocurrency conglomerate Digital Currency Group (DCG), has reached a settlement with the New York Department of Financial Services (DFS) that includes forfeiting its BitLicense, ceasing operations, and paying an $8 million fine, according to a report in Fortune. The New York regulator said its probe into the company unearthed significant shortcomings in the company's anti-money laundering and cybersecurity protocols. "The settlement with...
Anchorage Digital's CEO and co-founder, Nathan McCauley, said this is "a major step forward" for his company—and vowed to continue cooperating with the New York State Department of Financial Services (NYDFS.)
"Bringing regulated and efficient crypto trading to clients based in New York marks the latest in our journey to build the best regulatory and technical stack for institutions in crypto," he added.
All of this comes amid seemingly insatiable demand for Bitcoin, and exchange-traded funds tracking its spot price, from investment advisors and institutional asset managers.
Anchorage Digital says it offers an agency trading desk that's targeted toward this end of the market, meaning NY-based institutions can access "safe, regulated crypto trading with competitive pricing."
Ripple's RLUSD Stablecoin Launching Tuesday Following Massive XRP Surge
Ripple will launch its U.S. dollar-pegged stablecoin called Ripple USD (RLUSD) on Tuesday, the company announced Monday. Backed by U.S. dollars, U.S. government bonds, and cash equivalents, Ripple said that the token will initially trade on platforms including MoonPay, Uphold, Bitso, Archax, and CoinMENA. RLUSD will be available across Ethereum and XRP Ledger, Ripple added. The anticipated launch follows a recent surge in the value of XRP, the token created by Ripple's co-founders that is used i...
BitLicenses have opened the door to other products of late.
Ripple's RLUSD stablecoin, which aims to challenge the likes of Tether and Circle by offering digital assets pegged on a 1:1 basis with the U.S. dollar, is going live today.
RLUSD will be regulated by the NYDFS, in essence meaning that it will now be subject to New York banking laws.
Anticipation for this stablecoin's rollout has helped XRP, a token launched by the co-founders of Ripple Labs, accelerate in recent days.
Donald Trump Picks Former SEC Commissioner Paul Atkins to Lead Agency
President-elect Donald Trump announced Wednesday that he has picked Paul Atkins, a former commissioner at the Securities and Exchange Commission (SEC), to lead the regulatory agency as its next Chairman. Seen as a crypto-friendly successor to SEC Chair Gary Gensler—who has drawn the crypto industry’s ire for an aggressive string of enforcement actions under his leadership—Atkins served as an SEC commissioner for six years following his appointment by President George W. Bush. He is currently t...
It's trading at $2.67 at the time of writing, up 14% over the past 24 hours—building upon a rally that began when Donald Trump was re-elected president.
His pro-crypto policies include sweeping changes at the Securities and Exchange Commission, which has been engaged in a long-running legal fight with Ripple Labs.
Hopes have also been raised that a more relaxed regulatory atmosphere in the Trump administration could pave the way for ETFs that offer exposure to XRP.
Edited by Stacy Elliott.
