{"id":18189,"date":"2025-03-20T05:02:13","date_gmt":"2025-03-20T05:02:13","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=18189"},"modified":"2025-03-20T05:02:13","modified_gmt":"2025-03-20T05:02:13","slug":"bitnomial-drops-sec-lawsuit-ahead-of-xrp-futures-launch-in-the-us","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=18189","title":{"rendered":"Bitnomial drops SEC lawsuit ahead of XRP futures launch in the US"},"content":{"rendered":"
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\"Bitnomial<\/p>\n

Crypto exchange Bitnomial has voluntarily dismissed its lawsuit against the US Securities and Exchange Commission ahead of launching its Ripple XRP futures in the United States.<\/p>\n

The Chicago-based firm said in a March 19 statement<\/a> to X that its XRP (XRP<\/a>) futures are regulated by the US Commodity Futures Trading Commission and will be available from March 20 for current users.<\/p>\n

\u201cBitnomial is launching the first-ever CFTC-regulated XRP futures in the US \u2014 physically settled for real market impact,\u201d Bitnomial said.<\/p>\n

\u201cPlus, we\u2019ve voluntarily dismissed our case against the SEC as regulatory clarity improves,\u201d it added.<\/p>\n

\"Bitnomial
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Source: <\/em>Bitnomial\u00a0<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n

The exchange filed a self-certification with the CFTC to list XRP futures contracts on its exchange in August 2024<\/a>. However, the SEC blocked the move, pushing for Bitnomial to register as a securities exchange before it could list the futures.<\/p>\n

Bitnomial sued the SEC and its five commissioners on Oct. 10, accusing the agency of overextending its jurisdiction by claiming that XRP is a security.<\/p>\n

Bitnomial\u2019s XRP futures launch follows Ripple CEO Brad Garlinghouse\u2019s March 19 announcement the SEC<\/a> opted out of continuing an appeal against a ruling labeling XRP as not a security for retail sales.<\/p>\n

A July 13, 2023 judgment from Judge Analisa Torres deemed XRP is not a security for retail sales<\/a>; however, she opined it was when sold to institutional investors, as it met the conditions set in the Howey test. The SEC was appealing Torres\u2019s decision.<\/p>\n

The SEC initially launched legal action against Ripple Labs in December 2020<\/a>, accusing the firm of illegally selling its token as an unregistered security.<\/p>\n

Related: <\/strong><\/em>Vermont follows SEC\u2019s lead, drops staking legal action against Coinbase<\/strong><\/em><\/a><\/p>\n

Under the Trump administration, the SEC has slowly been walking back its hardline stance toward crypto forged under former SEC Chair Gary Gensler\u2019s<\/a> reign, dismissing a growing number of enforcement actions<\/a> against crypto firms.<\/p>\n

The agency\u2019s acting chair, Mark Uyeda, who took the reins after Gensler resigned on<\/a> Jan. 20, flagged plans on March 17 to scrap a rule proposed under the Biden administration that would tighten crypto custody standards<\/a> for investment advisers.<\/p>\n

Uyeda also said in a March 10 speech that he had asked SEC staff for options to abandon part of proposed changes that would expand regulation of alternative trading systems<\/a> to include crypto firms, requiring them to register as exchanges.\u00a0<\/p>\n

Magazine: <\/strong><\/em>SEC\u2019s U-turn on crypto leaves key questions unanswered<\/strong><\/em><\/a><\/p>\n