Bitnomial Sues SEC Over XRP Futures, Disputes Claim That XRP Is a Security

Oct 11, 2024, 01:18 AM

Bitnomial Exchange LLC, a Chicago-based crypto derivatives exchange, has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) challenging the agency's claim that XRP futures contracts are securities. Bitnomial argues that XRP is already regulated as a commodity under the sole jurisdiction of the Commodity Futures Trading Commission (CFTC). The exchange contends that the SEC is overstepping its statutory authority by asserting joint jurisdiction over its planned XRP futures contracts, which it says 'duplicates and compounds the regulatory burden' on market participants. Bitnomial also asserts that the SEC's actions are hindering U.S. traders, keeping them a step behind their global counterparts.