| Key Points: – Bitnomial exchange plans to withdraw its lawsuit against the SEC after the regulator abandoned its appeal in the Ripple case. The exchange is also preparing to launch XRP futures contracts, which have been approved by the CFTC, amid Ripple’s legal victory. |
Bitnomial exchange is set to withdraw its lawsuit against the U.S. Securities and Exchange Commission (SEC) following the regulator’s decision to drop its appeal in the Ripple case, according to journalist Eleanor Terrett.
The move comes as Bitnomial prepares to officially launch XRP futures contracts, which have been approved by the U.S. Commodity Futures Trading Commission (CFTC).
Bitnomial Exchange Withdraws Lawsuit Against SEC Amid Ripple Case Resolution
The dispute between Bitnomial exchange and the SEC originated in October 2024 when the exchange challenged the regulator’s authority over XRP futures contracts. Bitnomial argued that XRP should not be classified as a security, a stance that has been a point of contention in the broader cryptocurrency industry.
The lawsuit also highlighted the ongoing legal battle between the SEC and CFTC over the regulation of digital assets. Bitnomial believed at the time that the lawsuit would bring much-needed clarity to the regulatory framework governing crypto derivatives.
The SEC has long maintained that XRP, the digital asset associated with Ripple Labs, falls under its jurisdiction as a security, which subjects it to stricter regulatory oversight.
Ripple’s Legal Victory Signals Shift in Crypto Regulation
Ripple’s protracted legal battle with the SEC has been ongoing since 2020, when the regulator accused the company of raising $1.3 billion through unregistered sales of XRP tokens. However, the case took a significant turn recently, with Ripple CEO Brad Garlinghouse announcing that the SEC will no longer pursue its appeal against the company.
Following the announcement, XRP surged by more than 12% on March 19, 2025.
Garlinghouse hailed the SEC’s decision as a major victory for Ripple and the broader cryptocurrency sector, suggesting that the legal uncertainty surrounding XRP may finally be coming to an end. The withdrawal of the SEC’s appeal is expected to have a ripple effect across the crypto industry, potentially setting a precedent for other regulatory disputes.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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