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Although XRP’s price has shown a relatively strong performance over the past week, increasing by more than 6% in its dollar value, the cryptocurrency has been excluded from a significant list.
On Monday, the New York Department of Financial Services announced an update to its framework for overseeing virtual currencies. The agency introduced new criteria regarding how digital companies licensed by it can list different cryptocurrencies.
As part of this update, the Department of Financial Services has removed several tokens that were previously included in its “greenlist.” This removal includes, but is not limited to, Ripple’s XRP, Litecoin, and Dogecoin.
Currently, there are only eight tokens remaining on that list, which includes Bitcoin, Ether, and the relatively new PayPal stablecoin.
The official website of the NYDFS describes the Greenlist as follows:
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The Department provides a Greenlist on its website that identifies the coins approved for VC Entities to custody or list without needing to first establish an approved coin-listing policy or seek prior approval.
It seems there is minimal cause for concern. Pro-Ripple attorney John E. Deaton commented on the situation, stating:
After it was determined NOT to be a security. It’s not even a security if Ripple sells it on exchanges. Yes, this action isn’t political or punitive in nature.
Deaton is referencing a ruling by Judge Analisa Torres, who recently stated that secondary XRP sales do not qualify as investment contracts. More details can be found in our video:
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