As a seasoned crypto investor with a knack for navigating the complexities of this ever-evolving digital landscape, I find myself closely following the legal battle between Bitnominal and the SEC regarding XRP. My personal investment journey has taught me that clarity in regulations is paramount to fostering growth and adoption within the industry.
Based on Bitnominal’s statement, it appears that the U.S. Securities and Exchange Commission (SEC) still holds the view that the XRP token qualifies as a security.
Recently, Bitnominal filed a lawsuit against the Securities and Exchange Commission (SEC), claiming that the agency is trying to exceed its authority by regulating futures contracts beyond their scope.
The exchange argues that the product is already subject to the “exclusive jurisdiction” of the CFTC.
According to the lawsuit, the SEC is accused of going beyond its boundaries by attempting to increase its control, which results in an unnecessary and excessive regulatory load being placed on Bitnomial.
According to U.Today’s report, Bitnomial submitted a self-declaration to the Commodity Futures Trading Commission (CFTC) in early August, aiming to facilitate trading of XRP futures on its platform. This action could potentially clear the path for the introduction of an XRP Exchange-Traded Fund (ETF) in the United States.
Immediately following the submission, there was a communication from the SEC. They mentioned that the proposed listing contravened federal securities regulations. The SEC contended that XRP futures fell under the shared jurisdiction of the SEC and CFTC as they were categorized as “security futures.
Bitnominal argues against the SEC’s stance, leading them to petition the court for a ruling that XRP futures are not considered security futures. Additionally, they aim to prevent the SEC from taking any future enforcement actions related to the proposed listing of XRP futures.
According to U.Today, Ripple, the organization linked to the XRP digital currency, has countered the Securities and Exchange Commission (SEC) by filing a cross-appeal, after the SEC filed an appeal in the ongoing legal battle.
According to the assertions made by both Brad Garlinghouse, Ripple’s CEO, and Stuart Alderoty, Ripple’s Chief Legal Officer, they are certain that the Securities and Exchange Commission (SEC) will not contest the legal status of XRP.
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2024-10-11 09:19