The United States Securities and Exchange Commission (SEC) still considers Ripple's $XRP a security despite a court ruling declaring it a non-security. Crypto derivatives exchange Bitnomial has filed a lawsuit against the SEC, alleging that the agency is overextending its jurisdiction over XRP. Bitnomial argues that $XRP is already regulated as a commodity and that the SEC's assertion of jurisdiction duplicates regulatory burden. The SEC's view on $XRP as a security has been challenged since it sued Ripple in 2020. The legal battle between the SEC and Ripple is ongoing.