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Bitnomial drops its lawsuit against the SEC as it gets ready to launch XRP futures
Crypto exchange Bitnomial has voluntarily dropped its lawsuit against the US Securities and Exchange Commission (SEC) as it prepares to launch its XRP futures in the US.
In a post on X, Bitnomial said:
“Bitnomial is launching the first-ever CFTC-regulated $XRP futures in the U.S. — physically settled for real market impact. Plus, we’ve voluntarily dismissed our case against the SEC as regulatory clarity improves.”
The XRP futures is set to begin trading on March 20.
XRP futures
In August 2024, the Chicago-based platform self-certified with the US Commodity Futures Trading Commission (CFTC) — where it’s regulated — to list XRP futures on its exchange.
However, the SEC prevented Bitnomial from proceeding, arguing that it needed to register as a security exchange first.
In response, Bitnomial filed a lawsuit against the agency, claiming that the SEC was “overextend[ing] its jurisdiction to digital asset derivatives.”
XRP case dismissed
Bitnomial’s announcement follows the news that the SEC will drop its case against Ripple.
Yesterday, Brad Garlinghouse, Ripple’s CEO, announced the news via X. In the post, Garlinghouse said:
“This is it – the moment we’ve been waiting for. The SEC will drop its appeal – a resounding victory for Ripple, for crypto, every way you look at it. The future is bright. Let’s build.”
In 2020, the SEC sued Ripple, Christian Larsen, the company’s co-founder and former CEO, and Garlinghouse, after alleging that they raised $1.3 billion through the sale of XRP, an unregistered securities offering, according to the regulator.
However, in 2023, Judge Analisa Torres found that XRP wasn’t a security when it came to sales to the public, its employees, and developers, marking a huge win against the SEC. Yet, direct sales to institutional investors, Torres found that these sales were securities. As a result, Ripple was ordered to pay $125 million for violating securities laws.
In October, Ripple filed a notice of cross-appeal against the SEC challenging the judgement made to pay the fine.
Following the news, XRP’s price reacted positively. At the time of publishing, it’s trading at $2.52, a rise of over 8% in 24 hours.
The post Bitnomial drops its lawsuit against the SEC as it gets ready to launch XRP futures appeared first on CoinJournal.