Bitnomial Drops SEC Lawsuit , Announces Launch of First-Ever XRP Futures

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Bitnomial withdraws lawsuit after SEC drops Ripple appeal.
XRP futures launch March 20, 2025, with CFTC approval.
XRP price surges 14% after Ripples legal victory over SEC.

Bitnomial has decided to withdraw its lawsuit against the U.S. Securities and Exchange Commission (SEC). The crypto derivatives exchange announced its decision soon after the SEC agreed to drop its pursuit of an appeal against Ripple. In October 2024 Bitnomial filed a lawsuit against the Security Exchange Commission (SEC) because the agency claimed authority over XRP futures contracts. Bitnomial planned to launch XRP futures before the SEC intervened, claiming jurisdiction over such XRP contracts.

Bitnomial Withdraws Lawsuit Against SEC

The SEC stated XRP futures qualified as security futures that must operate under their regulatory framework. Moreover, the SEC maintains XRP constitutes an investment contract which qualifies it as a security. Bitnomial refuted the SECs classification of XRP as a security. This lawsuit sparked a dispute between the SEC and the Commodity Futures Trading Commission (CFTC) about the regulation of digital assets.

Bitnomial disputed the SECs claim, arguing that the agency lacked jurisdiction over its futures product. The exchange further noted that the CFTC had jurisdiction over future contracts for digital assets such as Bitcoin and Ether, which has been previously classified as non-securities by the SEC.

XRP Futures Launch

After the withdrawal of the lawsuit Bitnomial announced the launch of its XRP futures contracts to the market. The CFTC approved these XRP futures making them the first-ever XRP futures that fell under U.S. regulations. These products provide physical settlement options which create real market effects. Bitnomial plans to introduce its contracts on March 20, 2025 and offer immediate access to current clients.

Bitnomial aims to provide its clients with access to new trading options through the XRP futures. The XRP futures contracts will be accessible through FCM partners such as R.J. OBrien and Associates, Marex Capital Markets and Bitnomial Clearing. The launch serves as an important milestone for Bitnomial and the cryptocurrency market because it represents regulatory approval for XRP futures.

XRP Surges After SEC Drops Ripple Appeal

Ripple achieved legal triumph against the SEC which had accused the company of illegal securities transactions. After the SEC terminated its appeal against Ripple the price of XRP surged by 14% to reach $2.57. Ripple CEO, Brad Garlinghouse expressed satisfaction about the termination of the extended battle that started three years ago.

The SEC decision to drop the lawsuit demonstrates the increased regulatory clarity on regulation of digital assets. The regulation of digital assets remains uncertain even as the SEC and CFTC continue to establish their regulatory authority over cryptocurrencies. Additionally, the case highlights why legal settlements are important for the future of digital asset markets and their users.

Read more: https://www.tronweekly.com/bitnomial-drops-sec-lawsuit-launch-xrp-futures/

Text source: TronWeekly

News Bitcoin (BTC) Ethereum (ETH) Ripple (XRP) Written by Mwongera Taitumu On Thu, 20 Mar 2025 Disclaimer: Financial information and news are not financial advice, read the disclaimer. Buy & sell Crypto in minutes

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