Cryptocurrency derivatives exchange Bitnomial sues the U.S. SEC, questioning its regulatory authority over XRP futures

according to FOX Business, the cryptocurrency derivatives exchange Bitnomial has sued the U.S. Securities and Exchange Commission (SEC), questioning its regulatory authority over XRP futures. After Bitnomial self-certified XRP dollar futures contracts, the SEC claimed that XRP is a security and demanded that the exchange comply with additional regulations.

Bitnomial believes that XRP futures should not be classified as security futures and is seeking a court declaration to prevent the SEC from asserting jurisdiction over it. This lawsuit intensifies the battle between the SEC and the Commodity Futures Trading Commission (CFTC) over regulatory authority over crypto assets.