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Following the delisting of XRP from the NYDFS’ greenlist, prominent legal expert James Murphy filed a FOIA request with the New York regulator to ascertain the rationale behind the decision.
According to Murphy, he filed the FOIA (Freedom of Information Act) request to understand why the regulator delisted XRP from its greenlist two months after the coin was declared a non-security by a federal judge.
The New York Department of Financial Services @NYDFS removed $XRP from its Greenlist AFTER Judge Torres ruled that the XRP token is not a security.
I wanted to find out why.
So here’s what I did about it. 👇
(Via @DigPerspectives ) pic.twitter.com/E7rIebpDR0— MetaLawMan (@MetaLawMan) January 25, 2024
NYDFS Delists XRP From Its Greenlist
Recall that the New York Department of Financial Services (NYDFS) sent shockwaves into the crypto market in September following an update of its list of approved tokens for custody and listing.
In the update, the New York regulator removed XRP alongside two dozen crypto assets, including LTC and DOGE, from the so-called greenlist.
The removal of XRP from the NYDFS’ greenlist stirred reactions from crypto enthusiasts, given that a New York federal judge ruled in July 2023 that XRP in and of itself is not a security.
MetaLawMan’s FOIA Request
Consequently, Attorney Murphy, popularly known as MetaLawMan, said he filed a FOIA request with the NYDFS to obtain information leading to the removal of XRP from the greenlist.
Attorney Murphy made this known in a recent interview with Digital Perspective, a pro-XRP YouTube channel. Specifically, Murphy made two requests via the FOIA, including requesting every record that involves the decision to delist XRP.
“All I said [in the FOIA request] was, ‘I would like to have every single document, slip of paper, text, voicemail, video, chats, or anything else that involves the decision to delist XRP from the greenlist,” Murphy remarked.
In addition, the lawyer said he also requested any communication regarding the delisting of XRP between the NYDFS and any government agency at any level, including the federal government.
He mentioned that his second request was to unravel whether the SEC influenced NYDFS’ decision to delist XRP.
“[…] It makes no sense at all to delist [XRP] when it is clearly not a security, and a federal judge in this town where you work in Manhattan said it is not a security,” he added.
MetaLawMan Threatens to Take Legal Action Against NYDFS
Furthermore, he revealed that the NYDFS has missed two deadlines for compliance so far. The pro-crypto legal expert disclosed that the next deadline is January 31, 2024.
Interestingly, Attorney Murphy, who has a license to practice in New York, suggested that he could sue the New York regulator if they miss the next deadline.
“While I am a lawyer and I have a license to practice in New York, I have retained a lawyer who is an expert in Freedom of Information Act cases. I’m not gonna let it go because what was done here is quite bizarre,” he added.