New York State Department of Financial Services

Chia Network CEO Gene Hoffman to Speak at Financial Times’ Crypto and Digital Assets Summit

Retrieved on: 
Thursday, November 9, 2023
Cryptocurrency, Blockchain, Professional Services, Digital Cash Management, Digital Assets, Technology, Crypto, BitTorrent, Consensus, Bitcoin, Decentralized finance, Goldman Sachs, Bank, Financial services, Chia (cryptocurrency), T. Rowe Price, Work, Commissioner, Superintendent, Proof of space, Financial Times, Network, Columnist, Contract management, Commodity Futures Trading Commission, New York State Department of Financial Services, CPSS-IOSCO Principles for Financial Market Infrastructures, Bank of England

Chia Network, Inc. ("Chia" or the "Company"), founded by Bram Cohen to provide an open-source, public blockchain optimized for real-world adoption, today announced its CEO Gene Hoffman will speak at the Financial Times Crypto and Digital Assets Summit in London on December 5, 2023.

Key Points: 
  • Chia Network, Inc. ("Chia" or the "Company"), founded by Bram Cohen to provide an open-source, public blockchain optimized for real-world adoption, today announced its CEO Gene Hoffman will speak at the Financial Times Crypto and Digital Assets Summit in London on December 5, 2023.
  • Hoffman will present on “ Finding crypto’s role in the global financial system ,” exploring the future of digital assets in traditional finance.
  • The discussion will include use cases for digital assets beyond cryptocurrency and the role of blockchain technology in the global financial system.
  • The event and interviews will be moderated by senior editors from the Financial Times Group and held at etc.

FGIC Announces NYSDFS Approval of CPP Upward Adjustment

Retrieved on: 
Wednesday, November 8, 2023
Professional Services, Public Policy, Government, State, Local, Other Professional Services, Insurance, Finance, Banking, Rehabilitation, Financial Guaranty Insurance Company, FGIC, Policy, CPP, Financial services, New York State Department of Financial Services, Life insurance

Financial Guaranty Insurance Company (“FGIC”) today announced that it had received notice from the New York State Department of Financial Services (the “NYSDFS”) that, pursuant to and in accordance with the terms of the First Amended Plan of Rehabilitation for FGIC, dated June 4, 2013, the NYSDFS has approved an increase of the cash payment percentage (CPP) of permitted policy claims that FGIC is required to pay under such Plan from the current 57.0% to 61.11%, effective November 8, 2023.

Key Points: 
  • Financial Guaranty Insurance Company (“FGIC”) today announced that it had received notice from the New York State Department of Financial Services (the “NYSDFS”) that, pursuant to and in accordance with the terms of the First Amended Plan of Rehabilitation for FGIC, dated June 4, 2013, the NYSDFS has approved an increase of the cash payment percentage (CPP) of permitted policy claims that FGIC is required to pay under such Plan from the current 57.0% to 61.11%, effective November 8, 2023.
  • The 2023 Annual CPP Revaluation Notice, which will be posted on the Policyholder Information Center at www.fgic.com/policyholderinfocenter/ , provides additional information concerning the 2023 CPP Revaluation.

Fireblocks Taps Former NYDFS Crypto Regulator Peter Marton and Expert Cryptographer & Builder of EY's Nightfall Chaitanya Reddy Konda to Lead On-Chain Digital Identity and Programmable Compliance Initiatives

Retrieved on: 
Tuesday, October 24, 2023
Ethereum, Web3, NYDFS, FATF, Financial services, Digital identity, EY, Blockchain, Learning, Chief, Financial Action Task Force, Private sector, Virtual currency, New York State Department of Financial Services, Safety, Konda, Cryptocurrency, Privacy, Nightfall

NEW YORK, Oct. 24, 2023 /PRNewswire/ -- Today, Fireblocks, an enterprise platform to manage digital asset operations and build innovative businesses on the blockchain, announces the strategic appointments of Peter Marton, former Deputy Superintendent of Virtual Currency at the New York State Department of Financial Services (NYDFS), and leading cryptographer, Chaitanya Reddy Konda, who designed and built Nightfall, a pioneering privacy solution for Ethereum token transfers for EY. Together, they will lead the company's efforts to develop programmable blockchain-based compliance products and set international standards for on-chain identity for the digital asset industry.

Key Points: 
  • Together, they will lead the company's efforts to develop programmable blockchain-based compliance products and set international standards for on-chain identity for the digital asset industry.
  • Marton, an authority in digital asset regulation, joins Fireblocks as Director of Digital Identity, and will report directly to Jason Allegrante, Fireblocks' Chief Legal & Compliance Officer.
  • Chaitanya Reddy Konda, assuming the role of Senior Technical Product Manager, Digital Identity & Privacy, is an established authority in the realm of applied cryptography.
  • For those interested in learning more about Fireblocks' pioneering work in on-chain digital identity and other digital asset solutions, visit fireblocks.com .

Metropolitan Commercial Bank Announces Settlements with Federal Reserve and New York State Department of Financial Services

Retrieved on: 
Thursday, October 19, 2023
Professional Services, White House, Federal Government, Public Policy, Government, State, Local, Insurance, Finance, Banking, MCB, Bank, NYSE, Financial services, Structure of the Federal Reserve System, Federal Reserve, Fraud, New York State Department of Financial Services, DFS, Federal, COVID-19, Bloomberg L.P. v. Board of Governors of the Federal Reserve System, Unemployment, Forest Law Enforcement and Governance Program, Pharmaceutical industry

Metropolitan Bank Holding Corp. (NYSE: MCB), the holding company for Metropolitan Commercial Bank (the “Bank”), today announced that the Bank has entered into Consent Orders with the Board of Governors of the Federal Reserve System (the “Federal Reserve”) and the New York State Department of Financial Services (“DFS”) to resolve Federal Reserve and DFS concerns related to the Bank’s relationship with a program manager that processed government stimulus funds and expanded unemployment insurance benefits during the COVID-19 pandemic and was a target of fraud.

Key Points: 
  • Metropolitan Bank Holding Corp. (NYSE: MCB), the holding company for Metropolitan Commercial Bank (the “Bank”), today announced that the Bank has entered into Consent Orders with the Board of Governors of the Federal Reserve System (the “Federal Reserve”) and the New York State Department of Financial Services (“DFS”) to resolve Federal Reserve and DFS concerns related to the Bank’s relationship with a program manager that processed government stimulus funds and expanded unemployment insurance benefits during the COVID-19 pandemic and was a target of fraud.
  • The Consent Orders relate to a unique challenge that arose for a short period at the height of the COVID-19 pandemic.
  • At the same time, as federal and state authorities have acknowledged, third-party fraud ballooned rapidly under these pandemic-era programs, creating oversight challenges for banks.
  • We appreciate that the Federal Reserve and New York Department of Financial Services have acknowledged the actions and enhancements we voluntarily undertook, including terminating the relationship with the third-party program manager at issue in August 2020, and supplementing our oversight mechanisms.

Bitget to List PayPal USD (PYUSD): A New Era of Compliance in Crypto Trading

Retrieved on: 
Tuesday, September 26, 2023
Ethereum, Crypto.com, Paxos Trust Company, Financial services, PayPal, USDC, BitLicense, New York State Department of Financial Services, United States Department of the Treasury, Cryptocurrency, Kraken, Bitget, Coinbase

The daily trading volume stands at an impressive 1.76 million US dollars, with significant contributions from top exchanges worldwide.

Key Points: 
  • The daily trading volume stands at an impressive 1.76 million US dollars, with significant contributions from top exchanges worldwide.
  • "We are excited to welcome PayPal USD to our platform," said Gracy Chen, Managing Director of Bitget.
  • With PYUSD, traders on Bitget can experience the benefits of a stablecoin that blends cutting-edge technology with rigorous compliance standards, all while enhancing their trading experience."
  • The listing of PYUSD on Bitget signifies a pivotal moment in the crypto trading landscape, one that merges cutting-edge technology with rigorous compliance standards, ultimately empowering traders and enhancing the overall trading experience.

Global Crypto Exchange Bybit Lists PayPal's USD Stablecoin for Spot Trading

Retrieved on: 
Monday, September 25, 2023
Ethereum, Web3, Paxos Trust Company, Financial services, PayPal, USD, New York State Department of Financial Services, Formula, USDT, Trust, Treasury, Security (finance), Cryptocurrency, Bybit

Dubai, United Arab Emirates | September 21, 2023 09:14 AM Eastern Daylight Time

Key Points: 
  • Dubai, United Arab Emirates | September 21, 2023 09:14 AM Eastern Daylight Time
    Bybit, the world’s third most visited crypto exchange, is excited to announce the listing of PayPal's groundbreaking USD stablecoin, PYUSD.
  • PYUSD will be paired with USDT and listed for trading on Bybit's spot exchange, providing traders and investors a seamless and secure way to access this unique stablecoin.
  • The integration of PYUSD into the Bybit exchange provides a bridge between the traditional financial world and the burgeoning blockchain ecosystem.
  • “We are pleased to welcome PayPal USD to the Bybit platform,” said Ben Zhou, co-founder and CEO of Bybit.

Paxos Regulated Stablecoin Platform Reaches Five-Year Milestone, Has Issued $120B+ in Stablecoins

Retrieved on: 
Tuesday, September 19, 2023
Ethereum, USDP, Paxos Trust Company, Financial services, PayPal, Mercado Libre, Prudential, Finance, New York State Department of Financial Services, Interactive Brokers, Mastercard, Nubank, Ecosystem, Safety, Bankruptcy, Cryptocurrency, Blockchain, Paxos

NEW YORK, Sept. 19, 2023 /PRNewswire/ -- Paxos, the leading provider of blockchain infrastructure for enterprises, celebrates the five-year anniversary of its regulated stablecoin platform.  Over the past five years, the company has issued and redeemed more than $120 billion in USD-backed stablecoins across its offerings while setting the market standard for regulatory oversight. All Paxos stablecoins have been issued from the company's New York trust with prudential oversight from the New York State Department of Financial Services. 

Key Points: 
  • All Paxos stablecoins have been issued from the company's New York trust with prudential oversight from the New York State Department of Financial Services.
  • The Paxos platform empowers our enterprise partners to enable payments, settlement, remittances and other real world use cases of stablecoins for hundreds of millions of end users.
  • The Paxos stablecoin platform leverages Ethereum and will expand into multiple other blockchains as it helps to create a more open, accessible economy for all.
  • Paxos stablecoins USDP and PYUSD are issued by Paxos Trust Company and regulated by the New York Department of Financial Services.

Standard Custody & Trust Company and GSR to Offer Clients Secure Settlement and Escrow Services

Retrieved on: 
Wednesday, August 30, 2023
Fintech, Asset Management, Professional Services, Finance, GSR, New York State Department of Financial Services, Entrepreneurship, Custody, Financial services, Risk, Security (finance), Bank

Standard Custody & Trust Company, LLC (“Standard Custody”), a New York Department of Financial Services regulated limited purpose trust company and qualified custodian, is excited to work with GSR Markets Limited (“GSR”), a leading digital asset liquidity provider and trading firm, to support its escrow services.

Key Points: 
  • Standard Custody & Trust Company, LLC (“Standard Custody”), a New York Department of Financial Services regulated limited purpose trust company and qualified custodian, is excited to work with GSR Markets Limited (“GSR”), a leading digital asset liquidity provider and trading firm, to support its escrow services.
  • As a trusted and established qualified custodian, Standard Custody understands the importance of safeguarding client assets.
  • Standard Custody has created a seamless and secure escrow solution that clients are leveraging through its collaboration with GSR and other best-in-class trading firms.
  • By collaborating with an industry leader like GSR, clients can confidently access liquidity with a leading provider while significantly reducing credit and settlement risk,” said Jack McDonald, CEO of Standard Custody.

Milbank Strengthens Litigation & Arbitration Group with Addition of Leading White Collar Partner and Former Federal Prosecutor Nola Heller

Retrieved on: 
Thursday, August 24, 2023
New York State Department of Financial Services, State, Yale Law Journal, Justice, California Department of Justice, Business Journalist of the Year Awards, Financial services, Yale Law School, Crime, United States Court of Appeals for the Second Circuit, Violence, RICO, Milbank, State attorney general, United States Attorney, Creativity, Assistant, Excepted service, District court, Federal Reserve, United States Court of Appeals for the Armed Forces, JD, FINRA, Organizing, Commodity Futures Trading Commission, Security (finance), Contract management, Private investigator

"Nola is widely regarded as a brilliant white collar defense lawyer, and we are thrilled to welcome her to Milbank," said Milbank Chairman Scott A. Edelman .

Key Points: 
  • "Nola is widely regarded as a brilliant white collar defense lawyer, and we are thrilled to welcome her to Milbank," said Milbank Chairman Scott A. Edelman .
  • Ms. Heller has nearly 20 years of experience as a former federal prosecutor and defense attorney.
  • Ms. Heller has particular expertise in leading communications recordkeeping matters, both as a compliance advisor and in regulatory probes.
  • Ms. Heller joins Milbank from another major New York law firm, where she spent six years as a partner.

PayPal Launches U.S. Dollar Stablecoin

Retrieved on: 
Monday, August 7, 2023
Ethereum, Central bank, Developer, Paxos Trust Company, Financial services, Friends, Cryptocurrency, Consumer, PYPL, Certified Public Accountant, American Institute of Certified Public Accountants, Paxos, NYDFS, USD, Community business development corporation, AICPA, BitLicense, New York State Department of Financial Services, United States Treasury security, Friction, Merchant, SAN, Comprehension, Growth, Ecosystem, American Institute, Family, O'Hara, U.S. Treasury, Treasury, Security (finance), Online shopping, PayPal, Venmo

SAN JOSE, Calif., Aug. 7, 2023 /PRNewswire/ -- Fully-backed, regulated stablecoins have the potential to transform payments in web3 and digitally native environments. To address that emerging potential, PayPal (NASDAQ: PYPL) today announced the launch of a U.S. dollar-denominated stablecoin, PayPal USD (PYUSD).  

Key Points: 
  • To address that emerging potential, PayPal (NASDAQ: PYPL) today announced the launch of a U.S. dollar-denominated stablecoin, PayPal USD (PYUSD).
  • Starting today and rolling out in the coming weeks1, eligible U.S. PayPal customers who purchase PayPal USD will be able to:
    "The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the U.S. dollar," said Dan Schulman, president and CEO, PayPal.
  • As the only stablecoin supported within the PayPal network, PayPal USD leverages PayPal's decades-long experience in payments at scale, combined with the speed, cost and programmability of blockchain protocols.
  • Reserves for PayPal USD are fully backed by U.S. dollar deposits, U.S. Treasuries and similar cash equivalents, and PayPal USD can be bought or sold through PayPal at a rate of $1.00 per PayPal USD.