Crypto Exchange Bitnomial Sues SEC

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Bitnomial, a crypto exchange, has filed a lawsuit against the US Securities and Exchange Commission (SEC), claiming that the regulator is overstepping its boundaries by attempting to regulate a proposed XRP futures contract in collaboration with the Commodity Futures Trading Commission (CFTC).

According to the company, the SEC has stated that XRP futures fall under their joint jurisdiction with the CFTC as they are considered security futures, unlike non-security futures which are solely under the CFTC’s jurisdiction.

This would require Bitnomial to comply with additional SEC requirements, including registering as a national securities exchange and submitting to the SEC’s jurisdiction, which the company argues is burdensome.

Bitnomial certified that the XRP futures did not violate CFTC regulations on August 9. The company disputes the SEC’s classification of XRP as a security and therefore argues that the SEC has no jurisdiction over XRP futures.