Bitnomial sues SEC over XRP futures regulation, questions SEC’s continued determination that XRP is a security

Odaily Planet Daily News Crypto derivatives exchange Bitnomial sued the U.S. SEC, questioning its regulatory authority over XRP futures. Bitnomial is regulated by the CFTC, and the company self-certified XRP dollar futures contracts in August after the SEC's lawsuit against Ripple ended, when a federal judge rejected the SEC's claim that XRP was a security. According to Bitnomial's lawsuit, the SEC contacted the exchange shortly after the lawsuit was filed, saying that XRP futures were "security futures" and subject to the joint jurisdiction of the SEC and CFTC, and that if Bitnomial continued to list, it would violate federal securities laws. The SEC also stated that Bitnomial must comply with other requirements before listing XRP futures, including registration as a national securities exchange. The lawsuit states: "The SEC believes that the underlying asset XRP is an investment contract, and therefore, XRP transactions constitute securities under the (Securities Exchange Act)." Bitnomial believes that its lawsuit will help clarify how crypto derivatives should be regulated. The CFTC currently regulates BTC and ETH futures contracts, the only two digital assets that the SEC considers to be non-securities. (FOX Business)