Bitnomial sues SEC over XRP futures, challenges agency's continued claim that XRP is a security

Published On Oct 10, 2024, 8:26 PM

Bitnomial, a crypto derivatives exchange, has filed a lawsuit against the SEC seeking clarity on the classification of XRP futures as securities. The SEC currently claims jurisdiction over XRP futures, stating that XRP is a security based on their view that it is an investment contract. This lawsuit follows a previous court ruling in favor of Ripple, which found that XRP was not a security when sold on exchanges. Bitnomial argues that this ongoing uncertainty affects the regulation of crypto derivatives and seeks a court declaration to overturn the SEC's claims.