Crypto derivatives exchange Bitnomial has filed a lawsuit against the SEC, challenging its authority to classify XRP as a security.

Bitnomial's Conflict with SEC Over XRP Futures

Bitnomial, regulated by the CFTC, filed a lawsuit in an Illinois district court, arguing that the SEC improperly considers XRP a security. This issue arose after Bitnomial filed for XRP futures in August. The SEC claimed these futures fall under its regulation and require the exchange to register as a national securities exchange.

Continuation of Ripple's Case Against SEC

The SEC continues to argue that XRP is a security, opposing a prior judge's ruling stating XRP sales on secondary markets do not constitute a security. The SEC has filed an appeal, while Ripple has also filed a cross-appeal.

Another Legal Attack on SEC

Bitnomial's lawsuit is not the only legal issue for the SEC this week. Crypto.com has also filed suit against the SEC, alleging the agency is overstepping its authority by classifying most crypto assets as securities.

The outcome of the legal proceedings between Bitnomial and SEC may have significant implications for the regulation of the cryptocurrency market and its participants.