XRP Excluded from Prominent List: Legal Expert Advocates for Ripple’s Cause

XRP Removed from New York Department of Financial Services’ Greenlist

XRP, the cryptocurrency associated with Ripple, has been removed from an important list maintained by the New York Department of Financial Services (NYDFS). Despite XRP’s recent price increase of over 6%, the cryptocurrency no longer meets the criteria set by the agency for listing on its “greenlist.”

The NYDFS announced on Monday that it has updated its virtual currency oversight framework, including new criteria for digital firms licensed by the agency to list various cryptocurrencies. As a result of this change, XRP, along with other tokens such as Litecoin and Dogecoin, have been removed from the greenlist. Currently, there are only eight tokens that meet the NYDFS’s criteria for listing, including Bitcoin, Ether, and the PayPal stablecoin.

According to the official website of the NYDFS, the greenlist is a selection of coins that the agency has approved for virtual currency entities to custody or list without the need for prior approval or an established coin-listing policy. The removal of XRP from this list may raise concerns among XRP holders and investors. However, prominent pro-Ripple attorney John E. Deaton reassures that there is no reason to worry. In a recent tweet, Deaton stated, “After it was determined NOT to be a security. It’s not even a security if Ripple sells it on exchanges. Yea, this move isn’t political or punitive in nature.”

Deaton’s comment refers to a recent ruling by Judge Analisa Torres, who declared that secondary sales of XRP do not qualify as investment contracts. This ruling has significant implications for the classification of XRP and its regulatory treatment.

While the removal of XRP from the NYDFS greenlist may not have an immediate impact on its price or market performance, it highlights the ongoing regulatory challenges faced by Ripple and its associated cryptocurrency. Ripple has been involved in a legal battle with the U.S. Securities and Exchange Commission (SEC) over the alleged sale of unregistered securities through the issuance of XRP. The outcome of this legal dispute will likely have far-reaching consequences for the future of XRP and other cryptocurrencies in the United States.

For more information on the legal developments surrounding XRP, you can watch our video analysis here.

Please note that the content of this article does not constitute financial or investment advice.

– New York Department of Financial Services: https://cryptopotato.com/xrp-removed-from-important-list-pro-ripple-lawyer-comments/(https://www.dfs.ny.gov/industry_guidance/industry_letters/il20230918_guidance_vc_listing#:~:text=The%20Department%20makes%20available%20on,or%20otherwise%20seeking%20prior%20approval.)
– John E. Deaton’s tweet: https://cryptopotato.com/xrp-removed-from-important-list-pro-ripple-lawyer-comments/(https://twitter.com/JohnEDeaton1/status/1703871056325333081)

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J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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