XRP Lawyers Accuse NYDFS of Political Targeting in Ripple Case

Ripple XRP

XRP lawyers criticize NYDFS for taking XRP off the approved list, saying it’s a political and punitive move.

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XRP lawyers are upset with the New York State Department of Financial Services (NYDFS) for taking XRP off their list of approved cryptocurrencies and stablecoins. Even though a judge ruled that XRP itself isn’t a security, the regulators are acting as if it is. The lawyers say that regulators are indirectly prohibiting XRP through this unfair approach.

Ripple has a license to operate in New York, but the NYDFS removed XRP from their list of approved cryptocurrencies. Now, they only allow custody of digital assets that are on their approved list.

XRP Lawyer John Deaton Labels the Decision as ‘Political’

John Deaton, a lawyer who represents XRP holders, criticized the NYDFS for removing XRP from the approved cryptocurrency list, calling it a “political or punitive” decision. He pointed out that Judge Analisa Torres had ruled that programmatic sales of XRP are not securities, but sales of XRP by Ripple were unregistered securities.

Later, Deaton teased a big announcement on XRP, leading to speculation in the XRP community about a potential whistleblower or a response to the NYDFS.

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Another lawyer, Bill Morgan, expressed disappointment in the NYDFS prioritizing the SEC’s view on crypto securities over a court ruling. Many lawyers share the opinion that a judge’s ruling should carry more weight than the SEC’s perspective.

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Currently, only Bitcoin and Ethereum are approved for custody and listing in New York, and several stablecoins, including Gemini Dollar, GMO JPY, GMO USD, Pax Gold, Pax Dollar, and PayPal Dollar, are allowed for issuance.

XRP’s price increased by nearly 3% in the last 24 hours, trading above the $0.50 support level. Trading volume also rose by 71%, indicating increased trader interest.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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