Bitnomial has sued the SEC over the regulatory authority of XRP futures, questioning its continued classification of XRP as a security.

Cryptocurrency derivatives exchange Bitnomial has filed a lawsuit against the U.S. SEC, questioning its regulatory authority over $XRP futures. Bitnomial, which is regulated by the CFTC, self-certified XRP/USD futures contracts in August after the SEC's lawsuit against Ripple concluded, at which point a federal judge dismissed the SEC's claim that $XRP is a security. According to Bitnomial's lawsuit, shortly after the lawsuit was filed, the SEC contacted the exchange, stating that $XRP futures are "security futures" subject to joint jurisdiction by both the SEC and CFTC, and that continuing to list them would violate federal securities laws. The SEC also indicated that Bitnomial must comply with additional requirements before listing $XRP futures, including registering as a national securities exchange. The lawsuit states: "The SEC believes that the underlying asset $XRP is an investment contract and therefore constitutes a security under the Securities Act." Bitnomial argues that its lawsuit will help clarify how cryptocurrency derivatives should be regulated. The CFTC currently regulates $BTC and $ETH futures contracts, which the SEC considers the only two non-security digital assets.