Bitnomial files a lawsuit against SEC, preparing to launch XRP futures contracts.

The exchange and clearing center based in Chicago, Bitnomial, has decided to withdraw its lawsuit against the U.S. Securities and Exchange Commission (SEC) regarding jurisdictional disputes over its XRP futures contract.

The legal filings were submitted to the Northern District Court of Illinois on Wednesday, just hours after Ripple announced it had concluded its prolonged legal battle with the SEC.

Bitnomial, a unit supervised by the Commodity Futures Trading Commission of the United States (CFTC), is currently preparing to launch XRP futures contracts.

Redefine management authority

Bitnomial's Chairman, Michael Dunn, emphasized that the ruling of the Southern District of New York Court (SDNY), which determined that XRP is not a security when traded on the secondary market, means that XRP futures are solely within the regulatory scope of the CFTC.

"With the SEC withdrawing its appeal against this decision, Bitnomial Exchange is planning to list physically settled XRP futures contracts tomorrow morning," Dunn stated.

Bitnomial filed a lawsuit against the SEC in October, accusing the agency of overreach by asserting that their XRP futures contract product falls under the jurisdiction of federal securities law.

The first XRP futures contract regulated by the CFTC

Bitnomial is preparing to launch the first XRP futures contract approved by the CFTC in the US, a move expected to significantly impact the market.

"Bitnomial will launch the first XRP futures contract in the U.S. approved by the CFTC – with a physical settlement mechanism to create a real impact on the market," the exchange announced on platform X. "In addition, we have also voluntarily withdrawn our lawsuit against the SEC as the legal framework becomes clearer."

This development occurs against the backdrop of the Trump administration reshaping its cryptocurrency regulatory policy, with the SEC reversing several controversial regulations from the tenure of former Chairman Gary Gensler. Recently, the agency has withdrawn controversial cryptocurrency accounting guidelines, established a cryptocurrency task force, and demonstrated a more open stance towards financial products related to digital assets.

Meanwhile, many financial institutions are actively seeking approval for cryptocurrency ETF funds, including those related to XRP.

You can check the price of XRP here.

Disclaimer: This article is for informational purposes only and is not investment advice. Investors should conduct thorough research before making decisions. We are not responsible for your investment decisions.

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Thach Sanh

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