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Home»ADOPTION NEWS»Derivatives Exchange Bitnomial Sues SEC Over Securities Labeling of XRP Futures
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Derivatives Exchange Bitnomial Sues SEC Over Securities Labeling of XRP Futures

By Crypto FlexsOctober 11, 20243 Mins Read
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Derivatives Exchange Bitnomial Sues SEC Over Securities Labeling of XRP Futures
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Crypto derivatives exchange Bitnomial is suing the U.S. Securities and Exchange Commission (SEC), Chairman Gary Gensler and four other commissioners, alleging they have “improper” jurisdiction over XRP futures products. filed a lawsuit.

According to court documents: contaminated On Thursday, Bitnomial claimed that the SEC had ruled that the exchange’s yet-to-be-listed XRP futures product violated federal securities laws and treated XRP as an investment contract. The agency reportedly argued that futures products should be supervised by both the SEC and the Commodity Futures Trading Commission.

“Bitnomial disagrees with the SEC’s view that XRP is an investment contract and therefore a security and that XRP futures are security futures,” the company wrote in the filing.

The company claimed that the agency required the company to comply with additional requirements for XRP futures, which had already obtained self-certification from the CFTC. The filing said one of the requirements included the “significant task” of registering as a national securities exchange under the jurisdiction of the SEC.

Bitnomial also claimed that the SEC effectively prevented the company from listing its XRP futures contracts. SEC regulations require the issuer of the underlying security to register with the agency before a security futures contract can be listed.

“As the SEC knows, XRP, which is an underlying security in the SEC’s view, has not been registered,” the filing said. “Furthermore, Bitnomial is not an issuer of XRP and has no authority to register XRP even if it wanted to.”

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The derivatives exchange also pointed to the decision of the U.S. District Court for the Southern District of New York to reject the SEC’s position deeming XRP a security when traded in secondary markets.

The SEC did not immediately respond to The Block’s request for comment.

XRP Dispute

Whether the XRP cryptocurrency is a financial security has been controversial since the SEC accused XRP issuer Ripple in 2020 of raising $1.3 billion by selling XRP as an unregistered security.

Last year, Judge Annalisa Torres of the Southern District of New York That was the ruling. Ripple’s ‘programmatic sales’, in which Ripple did not know who the buyer was, did not violate securities laws. However, Judge Torres ruled that institutional sales of XRP were illegal securities sales. As a result, Ripple will be fined $125 million, up from the SEC’s proposed $2 billion. Both sides claimed victory in this ruling.

The legal dispute between Ripple and the SEC over XRP is still ongoing. Earlier this month, the SEC said: appeal a decision In the Second Circuit Court of Appeals. yesterday ripple A cross-appeal was filed. To the same court.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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