Cryptocurrency exchange Bitnomial sues the U.S. Securities and Exchange Commission, alleging regulatory overreach.

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<p>According to a report by Coindesk on October 11, TechFlow has learned that the cryptocurrency exchange Bitnomial has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC), claiming that the regulatory agency has overstepped its jurisdiction in attempting to jointly regulate the proposed XRP futures contracts with the Commodity Futures Trading Commission (CFTC).</p>
<p>In documents submitted to the U.S. District Court for the Northern District of Illinois on Thursday, the company stated that these futures are entirely within the purview of the CFTC, and SEC's involvement would significantly increase the regulatory burden on the company. The exchange self-certified on August 9 that the XRP futures do not violate CFTC regulations.</p>
<p>Bitnomial stated in the documents: "Bitnomial disagrees with the SEC's view that XRP is an investment contract and, therefore, a security, and that XRP futures are also security futures."</p>
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Cryptocurrency exchange Bitnomial has sued the U.S. Securities and Exchange Commission, accusing it of overregulation.