Crypto exchange Bitnomial has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) challenging the classification of XRP. This case highlights the growing tension between the agencies and crypto firms.

Dispute Over XRP Classification

Bitnomial argues that XRP is already classified as a commodity under the CFTC's jurisdiction. In August, Bitnomial received approval from the CFTC to trade crypto futures and submitted a self-certification to list XRP futures contracts. However, the SEC intervened, requiring the exchange to register as a national securities exchange.

Rising Tensions with Crypto Companies

Bitnomial's legal battle is part of a broader trend of escalating tensions between the SEC and several crypto entities. Recently, Crypto.com also initiated legal action against the SEC, claiming agency overreach. Companies like Ripple Labs and Binance are involved in legal disputes with the SEC.

SEC's Broader Actions

On the same day Bitnomial filed a lawsuit, the SEC charged Cumberland with operating as an unregistered dealer. A Cumberland spokesperson criticized the charges as 'frustrating and disappointing,' pointing to regulatory ambiguity. SEC Commissioner Mark Uyeda has also publicly criticized the agency’s approach to crypto regulation.

These developments illustrate the significant legal and regulatory uncertainty that persists in the U.S. cryptocurrency industry. The outcomes of these cases could profoundly impact future crypto asset regulation.