New York and EU regulators agree on stablecoin monitoring - ForkLog: cryptocurrencies, AI, singularity, the future

# New York Regulators and the EU Agree on Stablecoin Monitoring

The New York State Department of Financial Services (NYDFS) and the European Banking Authority (EBA) have signed a memorandum of understanding for joint oversight of the "stablecoin" market.

The agreement aims to strengthen cross-border cooperation within the framework of MiCA. Regulators have agreed to share confidential information about the activities of issuers whose operations affect markets in both jurisdictions.

According to the document, agencies will exchange data on:

• licensing and registration refusals;
• issuance volumes and the number of asset holders;
• reserve composition and liquidity management;
• stress test results and audit inspections;
• investigations and sanctions imposed.

Some information, including reserve composition reports and ownership structures of companies, will be shared quarterly without a specific request.

The memorandum also provides for mutual assistance during on-site inspections and coordination of actions in crisis situations or in case of ICT system failures.

"The agreement marks an important milestone in strengthening transatlantic cooperation. It reflects our commitment to creating a globally coordinated supervisory framework for crypto assets," — said EBA Chair François-Louis Misho.

Acting Superintendent of NYDFS Caitlin Asrow added that international cooperation is necessary to protect consumers and promote responsible innovation.

EBA emphasized that before signing the document, the professional secrecy regime in NYDFS was recognized as equivalent to EU standards. The agreement applies exclusively to stablecoin operations and does not affect other areas of the supervised organizations' business.

Recall that in May, JPMorgan CEO Jamie Dimon criticized the US legislation on the structure of the crypto market amid a dispute over rewards for "stablecoins."