On September 10, 2018, the New York Department of Financial Services granted approvals to Paxos and Gemini to offer price-stable cryptocurrencies, or “stablecoins,” signifying that regulators are open to approving novel crypto products if they are offered properly.

Jeffrey Alberts, co-head of Pryor Cashman’s FinTech Group, explains what this means for crypto companies that are considering offering cryptographic products in the future.