The SEC contacted the exchange to express that it would be violating federal securities laws if it proceeded with the XRP futures listing
The Securities and Exchange Commission still firmly believes that the cryptocurrency XRP is a security, FOX Business has learned. The revelation comes following a lawsuit filed in an Illinois district court Thursday evening by crypto derivatives exchange Bitnomial, which sued Wall Street’s top cop over its claim that it has jurisdiction over a planned futures contract that tracks the price of XRP, the seventh-largest digital asset by market cap.
According to Bitnomial’s lawsuit, the SEC contacted the exchange shortly after the filing, claiming that XRP Futures are "security futures" that are subject to joint SEC and CFTC jurisdiction, and that Bitnomial would be violating federal securities laws if it proceeded with the listing. The SEC also said Bitnomial would be required to comply with additional requirements before listing XRP Futures, including registering as a national securities exchange.
Bitnomial’s lawsuit is the second one filed against the SEC this week. Digital asset exchange Crypto.com announced it was suing the agency on Tuesday, alleging the regulator is overstepping its jurisdiction by claiming that nearly all crypto assets are securities.
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