Bitnomial drops its lawsuit against the SEC as it gets ready to launch XRP futures
- Bitnomials XRP futures is set to begin trading on March 20
- The exchange filed a lawsuit against the US Securities and Exchange Commission (SEC) in 2024 for overextend[ing] its jurisdiction to digital asset derivatives.
- Ripples CEO, Brad Garlinghouse, announced yesterday that the SEC is to drop its lawsuit against Ripple
Crypto exchange Bitnomial has voluntarily dropped its lawsuit against the US Securities and Exchange Commission (SEC) as it prepares to launch its XRP futures in the US.
In a post on X, Bitnomial said:
Bitnomial is launching the first-ever CFTC-regulated $XRP futures in the U.S. physically settled for real market impact. Plus, weve voluntarily dismissed our case against the SEC as regulatory clarity improves.
XRP futures are here!
Bitnomial is launching the first-ever CFTC-regulated $XRP futures in the U.S. physically settled for real market impact. Plus, weve voluntarily dismissed our case against the SEC as regulatory clarity improves. pic.twitter.com/ARkSanjFNU
Bitnomial (@Bitnomial) March 19, 2025
The XRP futures is set to begin trading on March 20.
XRP futures
In August 2024, the Chicago-based platform self-certified with the US Commodity Futures Trading Commission (CFTC) where its regulated to list XRP futures on its exchange.
However, the SEC prevented Bitnomial from proceeding, arguing that it needed to register as a security exchange first.
In response, Bitnomial filed a lawsuit against the agency, claiming that the SEC was overextend[ing] its jurisdiction to digital asset derivatives.
XRP case dismissed
Bitnomials announcement follows the news that the SEC will drop its case against Ripple.
Yesterday, Brad Garlinghouse, Ripples CEO, announced the news via X. In the post, Garlinghouse said:
This is it the moment weve been waiting for. The SEC will drop its appeal a resounding victory for Ripple, for crypto, every way you look at it. The future is bright. Lets build.
This is it the moment weve been waiting for. The SEC will drop its appeal a resounding victory for Ripple, for crypto, every way you look at it.
The future is bright. Let's build. pic.twitter.com/7WsD0C92Cm
Brad Garlinghouse (@bgarlinghouse) March 19, 2025
In 2020, the SEC sued Ripple, Christian Larsen, the companys co-founder and former CEO, and Garlinghouse, after alleging that they raised $1.3 billion through the sale of XRP, an unregistered securities offering, according to the regulator.
However, in 2023, Judge Analisa Torres found that XRP wasnt a security when it came to sales to the public, its employees, and developers, marking a huge win against the SEC. Yet, direct sales to institutional investors, Torres found that these sales were securities. As a result, Ripple was ordered to pay $125 million for violating securities laws.
In October, Ripple filed a notice of cross-appeal against the SEC challenging the judgement made to pay the fine.
Following the news, XRPs price reacted positively. At the time of publishing, its trading at $2.52, a rise of over 8% in 24 hours.
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Text source: CoinJournal: Home
