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Gary DeWaal Quoted on Recent NY Regulator Approvals of Price-Stable Cryptocurrencies

Firm News | September 24, 2018

Gary DeWaal, Financial Services special counsel, was quoted by the New York Law Journal on the New York Department of Financial Services's (NYDFS) announcement regarding its approval of two cryptocurrencies—the Gemini dollar and Paxos standard token. Gary noted how these new price-stable cryptocurrencies could lead to further advancements for the industry. "DFS' approval for Gemini Trust and Paxos Trust to offer price-stable cryptocurrencies is very exciting and could make it more likely for blockchain technology to be used to facilitate payments for goods and services. Potentially merchants accepting these coins for transactions will not have to worry about immediately selling the digital tokens after receipt to protect against a decline in their price. They can have confidence that they can redeem these stablecoins for $1/each with a NYS-licensed trust company subject to prudential regulations. Payments can be made virtually instantly, 24/7 without regard to bank holidays on the ethereum blockchain in support of purchases. This will provide another payment alternative that blockchain enthusiasts will enjoy outside of traditional means." ("Two Stable Cryptocurrencies Are Approved by NY Regulator," September 10, 2018)

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