Bitnomial prepares to withdraw its lawsuit against the SEC following the regulator's decision to drop its appeal in the Ripple case. Meanwhile, the exchange plans to launch XRP futures approved by the CFTC.
Background of Bitnomial and SEC Dispute
The dispute between Bitnomial and the SEC originated in October 2024 when the exchange challenged the regulator's authority over XRP futures contracts. Bitnomial argued that XRP should not be classified as a security, a stance that has been contentious in the broader cryptocurrency industry.
Ripple's Legal Victory and Its Impact
Ripple’s legal battle with the SEC has been ongoing since 2020, with the regulator accusing the company of illegal XRP sales worth $1.3 billion. However, the case recently shifted when Ripple CEO Brad Garlinghouse announced the SEC would drop its appeal against the company.
New Perspectives for XRP Futures
Following the announcement by Ripple, XRP surged by more than 12%. The SEC's withdrawal of its appeal could have wide-reaching effects on the crypto industry, opening new avenues for similar regulatory disputes.
The SEC's decision to withdraw its appeal in the Ripple case and Bitnomial's intention to withdraw its lawsuit signal potential regulatory changes in the cryptocurrency market. This may impact the entire industry and simplify the launch of new products.
