<p>The post <a href="https://cryptosnewss.com/bitnomial-takes-on-the-sec-over-xrp-futures-major-legal-showdown-ahead/" rel="noopener noreferrer nofollow">Bitnomial Takes on the SEC Over XRP Futures, Major Legal Showdown Ahead</a> appeared first on <a href="https://cryptosnewss.com/" rel="noopener noreferrer nofollow">Cryptos Newss</a>.</p><p></p><p>Crypto derivatives exchange Bitnomial has filed a lawsuit against the United States Securities and Exchange Commission (SEC) over its claim that XRP is a security. The lawsuit, filed in an Illinois federal court on October 10, 2024, challenges the SEC&#39;s jurisdiction over XRP futures contracts. Bitnomial argues that XRP is already regulated as a commodity by the Commodity Futures Trading Commission (CFTC), and the SEC&#39;s claim duplicates and compounds the regulatory burden.</p><h2 id="header-0">Background on the Dispute</h2><p>The dispute stems from Bitnomial&#39;s self-certification to list XRP futures contracts on its exchange in August 2024. Shortly after the filing, the SEC contacted Bitnomial, asserting that XRP futures are &#34;security futures&#34; subject to joint SEC and CFTC jurisdiction. Bitnomial contends that this claim is unfounded, as the CFTC has already approved the exchange to trade crypto futures since 2020.</p><p><strong>Read Also:</strong> <a href="https://cryptosnewss.com/argentina-tops-91-billion-in-crypto-inflows-surpassing-brazil/" rel="noopener noreferrer nofollow">Argentina Tops $91 Billion in Crypto Inflows, Surpassing Brazil</a></p><h2 id="header-1">Legal Arguments</h2><p>In its lawsuit, Bitnomial argues that the SEC&#39;s continued assertion that XRP is a security is inappropriate and overextends its jurisdiction. The exchange points out that a federal judge ruled against the SEC&#39;s claim that XRP is a security in a previous lawsuit against Ripple, the company behind XRP. Bitnomial maintains that the SEC&#39;s stance creates unnecessary regulatory overlap and hinders the efficient functioning of the market.</p><h2 id="header-2">Regulatory Complexity</h2><p>The case highlights the complexities of regulating the rapidly evolving crypto market. Bitnomial&#39;s lawsuit underscores the ongoing tension between the SEC and CFTC over jurisdictional authority. The outcome of this case could set a precedent for how crypto derivatives are regulated and whether exchanges can list futures contracts for assets deemed securities by the SEC. The crypto community is closely watching the developments, as the resolution could impact the broader market and investor confidence.</p><h2 id="header-3">Implications for the Crypto Market</h2><p>The lawsuit against the SEC underscores the need for clearer regulatory guidelines and a more streamlined approach to overseeing digital assets. The outcome of this legal battle could significantly influence the future of crypto trading and regulatory practices. If Bitnomial prevails, it could pave the way for other exchanges to list futures contracts for digital assets without facing similar regulatory challenges.</p><p><strong>Conclusion</strong></p><p>Bitnomial&#39;s legal challenge against the SEC reflects a broader industry push for regulatory clarity. As the case progresses, it will be crucial to monitor how regulatory bodies navigate these issues and what it means for the future of crypto trading.</p><p></p><p>The post <a href="https://cryptosnewss.com/bitnomial-takes-on-the-sec-over-xrp-futures-major-legal-showdown-ahead/" rel="noopener noreferrer nofollow">Bitnomial Takes on the SEC Over XRP Futures, Major Legal Showdown Ahead</a> appeared first on <a href="https://cryptosnewss.com/" rel="noopener noreferrer nofollow">Cryptos Newss</a>.</p>

Bitnomial Takes on the SEC Over XRP Futures, Major Legal Showdown Ahead

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