Bitnomial, a Chicago-based cryptocurrency exchange, has filed a lawsuit against the United States Securities and Exchange Commission (SEC). According to a report shared by Fox Business’ Eleanor Terrett, the exchange claimed the SEC is overstepping its jurisdiction by labeling XRP, the cryptocurrency issued by Ripple Labs, as a security.Filed in an Illinois federal court on October 10, the lawsuit argued that XRP is already considered a commodity. Therefore, it should be regulated by the Commodity Futures Trading Commission (CFTC). Bitnomial accused the SEC of creating unnecessary regulatory challenges by overlapping with CFTC oversight.<h2 id="header-0">Dispute Over XRP&#39;s Classification</h2>The conflict revolves around XRP’s classification in the cryptocurrency market. Bitnomial received CFTC approval in 2020 to trade cryptocurrency futures. In August 2024, it filed a self-certification to list XRP futures on its platform. However, the SEC stepped in, arguing that XRP futures are securities.<a href="https://cryptotale.org/sec-faces-lawsuit-from-bitnomial-over-xrps-security-status/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

SEC Faces Lawsuit from Bitnomial over XRP's Security Status

Table of Contents

CryptoTale

Other articles published on Oct 11, 2024

FTX Clears Path to Repay Customers: A $16 Billion Crypto Comeback

Bitcoin Bull Markets Linked to U.S. Elections: Analyst

Investment Giant Charles Schwab Comments on Bitcoin and Crypto ETFs!

NFT market moves sideways in 2024 with 50% drop

Uniswap Labs Introduces Ethereum Layer-2, Unichain, to Address Scalability Issues

Litecoin Maintains Narrow Range, Looking to Break New Resistance Barriers

Join our free newsletter for daily crypto updates!