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

Developer Releases 56 Billion TikTok Video Metadata on Hugging Face

A developer known as hashfunction has released a dataset containing metadata for about 56 billion public TikTok videos on Hugging Face.

user avatarMaya Lundqvist

Ongoing Legal Battles Over TikTok Data Scraping Practices

The legality of data scraping from TikTok is currently being challenged in court, with Reddit suing Perplexity and three data-scraping firms for allegedly harvesting content for AI training.

user avatarKaterina Papadopoulou

Fairshake Launches Bipartisan Campaign to Support Pro-Crypto Lawmakers

Fairshake is launching a bipartisan campaign to support 32 incumbent candidates in the House, focusing on those who back the House CLARITY market structure bill, with an initial commitment of $6 million in independent spending.

user avatarLeo van der Veen

Binance Introduces AI-Driven Trading Tools

Binance launches a suite of AI products aimed at enhancing trading experiences for various user levels.

user avatarLi Weicheng

Binance Announces Dividend Reinvestment for Tokenized Stocks

Binance has announced a dividend reinvestment process for holders of its Oracle and Marvell tokenized stocks, where dividends will be reinvested into additional fractions of the same securities.

user avatarAisha Farooq

Cryptocom Enhances Trading with Insilico Terminal Integration

Cryptocom has announced an integration with Insilico Terminal on October 6, allowing users to connect their Cryptocom Exchange accounts directly to Insilico's trading platform.

user avatarLi Weicheng

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.