NYDFS Grants Extension for XRP Appeal

The NYDFS revised its guidance on digital currency listings last year, leading to XRP’s removal along with Dogecoin and Litecoin.

A legal professional affiliated with Ludlow Street Advisors, James Murphy, announced on X (formerly Twitter) that the New York State Department of Financial Services has granted an extension to the deadline for a decision regarding his administrative appeal.

Murphy’s appeal pertained to the department’s refusal to provide documents concerning the XRP token’s exclusion from the “greenlist.”

Murphy finds the NYDFS’s delisting of XRP perplexing, given the court’s determination that the cryptocurrency’s secondary sales did not qualify as a security offering.

Despite its regulatory difficulties, Ethereum has maintained its position on the department’s green list.

The legal analyst is therefore interested in the rationale behind eliminating the Ripple-affiliated token.

Murphy complained earlier this month, alleging that the NYDFS had neglected to provide a solitary document in response to his request for freedom of information (FOI).

Transparency Concerns: Murphy’s Allegations Against NYDFS

The attorney pledges to initiate legal proceedings against the department for the alleged breach of transparency if his appeal is denied. Murphy is currently encouraging the NYDFS to produce these documents voluntarily.

The government agency revised its guidance regarding the listing and delisting of digital currencies in October last year.

XRP was withdrawn from the list of pre-approved tokens for exchange listings. Dogecoin and Litecoin (LTC) ultimately failed to qualify for the greenlist as well.

Stuart Alderoty, chief legal officer of Ripple, recently stated that XRP is the only cryptocurrency token with regulatory clarity in light of the company’s partial victory over the US Securities and Exchange Commission last year, as previously reported.