Crypto exchange Bitnomial has voluntarily dropped its lawsuit against the U.S. Securities and Exchange Commission (SEC) as it prepares to launch the first-ever CFTC-regulated XRP futures contract in the country, citing improvements in “regulatory clarity.”
The Chicago-based crypto exchange will begin offering XRP futures contracts—contracts that allow traders to speculate on or hedge against the future price of XRP, with the actual delivery of the asset upon contract settlement—starting today for existing clients.
Bitnomial’s decision to proceed with its XRP futures launch comes in the wake of Ripple claiming to have made progress in its prolonged legal battle over XRP's classification as a security—though the SEC has yet to release an official announcement.
On Wednesday, Ripple CEO Brad Garlinghouse confirmed the SEC had decided not to continue its appeal against the platform, calling it a “long overdue surrender from the SEC.”
Bitnomial’s lawsuit against the SEC was initially filed in October 2024, after the agency blocked the exchange’s efforts to list XRP futures.
The SEC argued that XRP’s status as a security meant Bitnomial would need to comply with securities laws, which would require registration as a securities exchange.
Bitnomial disagreed, saying the third-largest crypto should not be classified as a security and that the SEC had overreached its jurisdiction.
Ripple, XRP and the SEC
Ripple Labs' legal battle with the SEC began in December 2020, when the agency filed a lawsuit accusing Ripple of conducting an unregistered securities offering by selling XRP tokens.
The SEC contended that XRP should be classified as a security, subject to the same regulatory requirements as stocks or bonds.
Ripple, led by CEO Brad Garlinghouse and co-founder Chris Larsen, disagreed with the SEC’s stance and the case has since been marked by legal wrangling and a series of court decisions.
The firm secured a partial victory in 2023 when a district court ruled that XRP sales to retail investors weren’t securities transactions, but found sales to institutional investors did meet securities criteria.
As part of the ruling in August 2024, Ripple was required to pay a $125 million fine for its institutional XRP sales, a penalty far lower than the SEC’s original request of $2 billion.
The case has had significant implications for how digital assets are classified under U.S. law, with the SEC under former chair Gary Gensler having a profound effect on the entire crypto industry.
Following reports that the SEC has decided to drop its appeal, XRP’s price surged 14%, reaching $2.55, as the news indicated a favorable turn in the regulatory scenario for XRP and the wider crypto market.
The crypto is currently trading hands at around $2.50, up 7.3% over a 24-hour period, according to CoinGecko data.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
