Chicago-based exchange Bitnomial has announced plans to launch XRP futures after withdrawing its lawsuit against the U.S. Securities and Exchange Commission (SEC).
Bitnomial Withdraws Lawsuit Against SEC
The legal team of Bitnomial filed a 'notice of voluntary termination' with the U.S. District Court for the Northern District of Illinois, withdrawing the lawsuit that initially challenged the SEC's 'inappropriate' jurisdiction over their XRP futures product.
Regulatory Position on XRP
Bitnomial had previously argued that the SEC exceeded its authority by claiming their XRP futures offering violated federal securities laws. However, following Ripple's victory, Bitnomial now sees a clearer regulatory path for their product.
Launch of XRP Futures
Bitnomial, which operates under regulation from the U.S. Commodity Futures Trading Commission (CFTC), has confirmed plans to proceed with the launch of its XRP futures tomorrow. Exchange President Michael Dunn stated that these XRP futures do not fall under the SEC's jurisdiction.
With XRP determined not to be a security and the SEC dropping its appeal, Bitnomial is set to offer a new trading opportunity in the digital asset market.
