CandleFocus Bitnomial files lawsuit against SEC, challenges its claim that XRP futures are securities
2024-10-11
Author: Content Editor
Chicago-based digital asset derivatives exchange Bitnomial has filed a lawsuit against the US Securities and Exchange Commission (SEC) over its claims that XRP futures are "security futures" under its jurisdiction. Bitnomial had self-certified the XRP US Dollar Futures contract in August, but the SEC intervened, stating that XRP futures are subject to joint SEC and Commodity Futures Trading Commission (CFTC) jurisdiction. The SEC also required Bitnomial to register as a national securities exchange before listing XRP futures. Bitnomial is challenging the SEC's declaration that XRP is a security and argues that their futures contracts should not be regulated by the SEC. This lawsuit follows similar legal action by Crypto.com against the SEC, claiming that the agency has overstepped its regulatory authority in the crypto industry. The disputes and legal battles between crypto businesses and the SEC are expected to continue for some time.
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