James Murphy, Legal Expert at Ludlow Street Advisors, Expresses Concern Over Removal of XRP from NYDFS Greenlist

James Murphy, a legal expert at Ludlow Street Advisors, took to former Twitter site X to reveal that the New York Department of Financial Services (NYDFS) has extended the deadline for the final ruling on his administrative appeal regarding the department’s refusal to provide any relevant documents to delist XRP from the “Greenlist.”

Murphy expresses bewilderment over NYDFS’s decision to delist XRP after the court ruled that its secondary sales do not constitute a securities offering. Meanwhile, Ethereum managed to retain its position on the Greenlist despite regulatory issues.

Consequently, the legal analyst seeks to understand the rationale behind the decision to remove Ripple’s flagship token.

Earlier this month, Murphy complained that NYDFS refused to provide a single document in response to a Freedom of Information (FOI) request.

In case his appeal is rejected, the lawyer intends to file a lawsuit against the department for lack of transparency. Currently, Murphy urges NYDFS to voluntarily produce such records.

Last October, the government agency updated its guidelines on digital currency lists and delistings.

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At that time, XRP was removed from the list of pre-approved tokens for exchange listings. Additionally, Litecoin (LTC) and Dogecoin were excluded from the Greenlist.

Stuart Alderoty, Ripple’s Chief Legal Officer, recently pointed out that XRP is the only cryptocurrency token that can boast regulatory clarity following the company’s partial victory over the U.S. Securities and Exchange Commission last year.

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