XRP Lawyers Challenge NYDFS Decision to Remove XRP from Approved List
XRP lawyers are criticizing the New York State Department of Financial Services (NYDFS) for removing XRP from its list of approved cryptocurrencies and stablecoins. Despite a court ruling that declared XRP is not a security, the regulators have chosen to exclude it. The lawyers argue that this move indirectly bans XRP and demonstrates a biased approach.
John Deaton Labels the Decision as “Political”
John Deaton, an attorney representing XRP holders, has called the NYDFS decision to remove XRP from the approved list of cryptocurrencies “political or punitive in nature.” Although Judge Analisa Torres ruled that programmatic sales of XRP are not securities, she determined that institutional sales of XRP by Ripple were unregistered securities.
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.
— John E Deaton (@JohnEDeaton1) September 18, 2023
Deaton later teased a big announcement coming on Friday, sparking speculation among XRP enthusiasts about a potential whistleblower appearing on CryptoLawTV or a response to NYDFS.
Lawyers Criticize NYDFS Approach
Lawyer Bill Morgan has also criticized the NYDFS for prioritizing the views of a senior SEC official on crypto securities over a court ruling that classified a crypto asset as not being a security. Other lawyers agree that the weight given to a judge’s ruling is less than that of the SEC’s opinion. Currently, NYDFS only allows Bitcoin and Ethereum as non-stablecoin cryptocurrencies for custody and listing. The approved stablecoins for issuance in New York are Gemini Dollar, GMO JPY, GMO USD, Pax Gold, Pax Dollar, and PayPal Dollar.
XRP Price and Trading Volume
The price of XRP has increased by nearly 3% in the past 24 hours, currently trading above the key support level of $0.50. The 24-hour low and high for XRP are $0.49 and $0.51, respectively. Additionally, trading volume has risen by 71% in the past 24 hours, indicating growing interest among traders.
Hot Take: XRP Lawyers Accuse NYDFS of Indirectly Banning XRP
XRP lawyers are raising concerns about the decision made by the New York State Department of Financial Services (NYDFS) to remove XRP from its approved list of cryptocurrencies and stablecoins. Despite a court ruling that determined XRP is not a security, regulators have chosen to exclude it from their approved list. This move is seen as an indirect ban on XRP and demonstrates a biased approach by regulators. Lawyers representing XRP holders argue that this decision is political or punitive in nature. They believe that the weight given to a judge’s ruling should be greater than that given to the views expressed by the SEC. Despite these challenges, XRP has experienced an increase in price and trading volume, indicating continued interest among traders.
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