Policy
Bitnomial Exchange Takes Legal Action Against U.S. SEC Over Authority Issues
Bitnomial Exchange has initiated a lawsuit against the U.S. SEC, claiming the regulator lacks jurisdiction over its XRP futures offering, following a similar action by Crypto.com.
1 min read
Bitnomial Exchange Legal Action
Bitnomial Exchange has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC), arguing that the SEC has overstepped its jurisdiction with regard to its proposed XRP futures contract.
Key Points:
- The lawsuit emphasizes that the XRP contract is already under the jurisdiction of the Commodity Futures Trading Commission (CFTC).
- Bitnomial claims that the SEC's involvement adds unnecessary regulatory burdens on the exchange.
- The filed complaint asserts that the classification of XRP futures as security futures contradicts prior understandings regarding the regulation of futures contracts.
Context
The action by Bitnomial follows a recent lawsuit initiated by Crypto.com, which also contested the SEC's regulatory stance by citing it as harmful to the crypto community.
Additional Information
The exchange emphasizes that compliance with SEC’s expectations will impede their operations when their futures offering is already compliant with CFTC regulations.
