SEC with Ripple (XRP)There are new developments in the war every day. Finally crypto derivatives exchange bitnomialfiled a lawsuit with the SEC, challenging the classification of XRP futures as a security.
According to news from US media Fox Business, Bitnomial filed a lawsuit claiming that the SEC has “improper” jurisdiction over the XRP Futures product.
Bitnomial in the petition XRP He stated that after the conclusion of his case, he applied to the Commodity Futures Trading Commission (CFTC) for the XRP Futures contract.
Bitnomial’s lawsuit alleges that the SEC contacted them shortly after the XRP filing and told them that XRP Futures were securities futures subject to joint SEC and CFTC jurisdiction and that Bitnomial would violate federal securities laws if it continued to list did.
According to Bitnomial’s petition SEC He also said Bitnomial must comply with additional requirements, including registering as a national securities exchange, before listing XRP Futures.
The following statements were included in the petition:
“The SEC takes the view that the underlying asset, XRP, is an investment contract and therefore transactions in XRP constitute a security under the Securities Exchange Act.
However, Bitnomial disagrees with the SEC’s view that XRP is an investment contract and therefore a security, and XRP Futures are therefore security futures.
And it argues that XRP is not a security, so XRP futures should not be classified as security futures.”
SEC’s XRP claim that futures are security futures, competing for sole jurisdiction over crypto assets SEC And CFTC While the competition between cryptocurrencies is further intensifying, the question of whether cryptocurrencies should be classified as securities or commodities still remains the biggest question. Since there is no clear regulation or opinion on this issue, the courts decide on the status of cryptocurrencies through lawsuits.
*This is not investment advice.
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