Bitnomial Drags SEC to court for labeling XRP security
Crypto exchange Bitnomial has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC). The lawsuit challenges the SEC’s assertion that XRP futures are securities, a claim that has been a point of contention in the crypto community.
The SEC has long maintained that XRP, the digital asset associated with Ripple Labs, qualifies as a security. This classification has significant implications, as it subjects XRP and related financial products to stringent regulatory oversight. Bitnomial’s lawsuit argues that XRP should not be classified as a security, and therefore, its XRP futures contracts should not fall under the SEC’s jurisdiction.
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