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Cryptocurrency

Bitnomial Stops SEC Lawsuit Before XRP Futures Launch in the US

Crypto exchange Bitnomial has withdrawn its lawsuit against the SEC as it prepares to launch the U.S.’s first-ever CFTC-regulated XRP futures. Following regulatory changes indicating that XRP is not considered a security, Bitnomial has dropped its SEC lawsuit. This step paves the way for them to launch an XRP future in the USA.

Bitnomial XRP futures gain momentum as the firm halts its SEC lawsuit ahead of its U.S. launch. With regulatory challenges easing, the platform is set to introduce XRP futures trading, marking a significant shift in the crypto derivatives market.

Unlike other futures contracts, Bitnomial promises to physically settle these ones with actual XRP at expiration. The firm said the move would begin a shift in creating regulated crypto derivatives in the US. In October, Bitnomial initiated the legal battle by disputing the SEC’s assertion that XRP futures necessitated securities registration. Bitnomial stated the SEC had gone too far after a court recently stated that XRP was not a security when sold on secondary markets.

Bitnomial dropped the case when the SEC withdrew an appeal in its lengthy legal battle with Ripple. Ripple’s Chief Executive Officer, Brad Garlinghouse, recently disclosed that while the SEC has taken a step back from appealing, a cross-appeal is still open. But Ripple and XRP supporters are in a better place now, fueling confidence that the token is not secure.

As these trends persist, many regulatory agencies are softening their enforcement stance. The SEC seems to be weighing some of its options under the current leadership, suggesting a clearer and more established regulatory environment for digital assets.

At the same time, the launch of Bitnomial’s XRP futures is another step in offering compliance-regulated crypto derivatives to institutional and retail traders. The exchange has transacted with similar products on Bitcoin, Ethereum, and Solana as well, which makes it one of the noteworthy players in the crypto derivatives space.

As the SEC pulls back and institutional interest grows, the XRP market continues to gain traction. Despite ongoing price fluctuations, the sentiment surrounding XRP’s future remains optimistic. Investors anticipate further regulatory clarity and the expansion of crypto offers in the US.

author avatar
Sagar Saini
A dedicated freelance blogger with a strong passion for finance and business, With a keen interest in the world of cryptocurrency.
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