While the price of XRP performed relatively well last week, adding 6% to its dollar value, the cryptocurrency was removed from an important list.
On Monday, the New York Department of Financial Services announced that it was taking an update to its virtual currency oversight framework. The entity includes new criteria on how digital firms licensed by the agency can list various cryptocurrencies.
As part of this change, the Department of Financial Services has removed many tokens that were previously part of its “greenlist”. These include, but are not limited to, Ripple’s XRP, Litecoin, and Dogecoin.
Currently there are only eight tokens on that list, including Bitcoin, Ether, and the new PayPal stablecoin.
According to the official NYDFS website, the Greenlist is described as follows:
The Department makes available on its website a Greenlist that identifies coins approved by the Department for VC Entities to custody or list without first establishing an approved coin listing policy or otherwise requesting prior permission.
There appears to be little or no cause for concern. Commenting on the matter was the famous pro-Ripple attorney, John E. Deaton, who SAYS:
After it was determined NOT to be a security. It’s not even a security if Ripple sells it on exchanges. Yes, this move is not political or punitive in nature.
Deaton refers to a ruling by Judge Analisa Torres, who recently said that secondary XRP sales do not constitute investment contracts. You can see more details about this in our video:
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