James Murphy, a legal expert at Ludlow Street Advisors, has taken to X (formerly Twitter) to reveal that the New York State Department of Financial Services has extended its deadline to rule on his administrative appeal of the department's refusal to produce any documents that pertain to the exclusion of the XRP token from the "greenlist."
Murphy is baffled by the NYDFS's decision to delist XRP after the court determined that its secondary sales did not constitute a security offering. At the same time, Ethereum has managed to retain its spot on the department's greenlist despite its regulatory troubles.
Hence, the legal analyst wants to know what was behind the decision to remove the Ripple-affiliated token.
Tomiwabold OlajideEarlier this month, Murphy complained that the NYDFS had refused to produce a single document in response to his freedom of information (FOI) request.
If his appeal gets rejected, the lawyer intends to take the department to court over the lack of transparency. For now, Murphy is encouraging the NYDFS to produce such records voluntarily.
Last October, the government agency updated its guidance on digital currency listings and delistings.
Back then, XRP was removed from the list of tokens that were pre-approved for exchange listings. Litecoin (LTC) and Dogecoin also ended up being outside the greenlist.
As reported by U.Today, Stuart Alderoty, Ripple's chief legal officer, recently pointed to the fact that XRP is the only cryptocurrency token that can boast regulatory clarity following the company's partial victory against the US Securities and Exchange Commission last year.
Yuri Molchan
Arman Shirinyan
Dan Burgin
U.Today Editorial Team
Vladislav Sopov