A new executive order is expected to be signed today, allowing retirement funds to invest in cryptocurrencies, which is already impacting BTC prices.
Retirement Funds Investment in Cryptocurrencies
The new ruling will permit pension funds to make investments in cryptocurrencies. The order is expected to be signed at 19:00, already driving BTC prices up to $117,000.
Lawsuit Involving Paxos and Binance
The New York State Department of Financial Services has ruled on Paxos Trust Company’s negligence regarding its partnership with Binance. Paxos will pay a $26.5 million penalty and invest an additional $22 million to improve compliance.
Regulation of the Cryptocurrency Sector in New York
The Department of Financial Services continues to focus on consumer protection and cryptocurrency market regulation through thorough audits and sanctions to ensure the integrity of the financial system.
The conclusion of the Paxos case and the ability for retirement funds to invest in cryptocurrencies represent significant steps toward improved regulation in financial markets.
