Bitnomial Challenges SEC on XRP Futures

user avatar

by Giorgi Kostiuk

2 years ago

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.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Circle Releases Technical Guidance for ERC20 Transfers Using CCTP

Circle has published a developer guide detailing how issuers can utilize its CrossChain Transfer Protocol (CCTP) for ERC20 assets beyond USDC.

user avatarAyman Ben Youssef

Curve Finance Launches StableSwap on Stellar Mainnet

Curve Finance has launched its StableSwap system on the Stellar mainnet, marking its first native deployment outside the Ethereum ecosystem.

user avatarTando Nkube

Ondo Finance Introduces Tokenized Investment Portfolios on Solana

Ondo Finance has launched seven investment portfolio tokens on the Solana blockchain for eligible investors outside the US, providing managed exposure to tokenized equities and ETFs.

user avatarKofi Adjeman

Market Implications of Aave's Tokenized Equity Lending Explored

A case study on the market implications of borrowing against tokenized equities following the launch of Aave's V4s Equities Hub, highlighting market liquidity and associated risks.

user avatarNguyen Van Long

Aave Launches V4s Equities Hub for Non-US Investors

Aave has launched its V4s Equities Hub, allowing eligible non-US investors to borrow USDC against selected tokenized US equities.

user avatarSatoshi Nakamura

Polygon Labs Launches New Payment Controls for AI-Agent Transactions

Polygon Labs has launched new payment controls for AI-agent transactions, allowing automated agents to make purchases within defined parameters while managing associated risks.

user avatarRajesh Kumar

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.