Bitnomial sues the US SEC, questioning its regulatory authority over XRP futures contracts.

According to Wu Shuo, as reported by FOX Business, the cryptocurrency derivatives trading platform Bitnomial has sued the U.S. SEC, questioning its regulatory authority over $XRP futures contracts. According to the lawsuit filed by Bitnomial, shortly after the lawsuit was submitted, the SEC contacted the trading platform, claiming that $XRP futures are securities futures jointly regulated by the SEC and the Commodity Futures Trading Commission (CFTC), and stated that if Bitnomial continues to list $XRP futures contracts, it will violate federal securities laws. The SEC also stated that Bitnomial must comply with additional requirements before listing $XRP futures, including registering as a national securities exchange. The lawsuit points out that the SEC believes the underlying asset $XRP is an investment contract, thus making trading of $XRP a security under the Securities Exchange Act. Bitnomial disagrees with the SEC's perspective.