Following the removal of XRP from the NYDFS’ greenlist, legal expert James Murphy took action by filing a Freedom of Information Act (FOIA) request to gain insight into the reasoning behind the decision. This move came two months after a federal judge declared XRP as a non-security, prompting confusion in the crypto community.
The delisting of XRP from the New York Department of Financial Services (NYDFS) greenlist, which also affected other cryptocurrencies like LTC and DOGE, raised concerns and led to questions about the decision-making process. In response, Murphy, also known as MetaLawMan, sought to uncover the details behind the delisting by filing a FOIA request with the NYDFS.
In his request, Murphy demanded access to all records and communications related to the delisting of XRP, including any potential influence from the SEC. He emphasized the importance of transparency in light of the federal judge’s ruling that XRP is not a security, adding that the NYDFS has missed multiple compliance deadlines, with the next one set for January 31, 2024.
With the threat of legal action looming, Murphy highlighted the need for clarity and accountability in the decision-making process, signaling his readiness to pursue legal recourse if necessary. As the crypto industry grapples with regulatory complexities, initiatives like Murphy’s FOIA request shed light on the significance of transparency and due process in regulatory actions impacting digital assets.
