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Crypto exchange Bitnomial has dropped its lawsuit against the US Securities and Exchange Commission (SEC) ahead of the launch of XRP futures.
According to a March 19 statement shared on X, the crypto exchange’s XRP futures are regulated by the Commodity Futures Trading Commission (CFTC) and will be made available starting today for current users.
Bitnomial Drops SEC Lawsuit, Citing Regulatory Clarity
Bitnomial’s decision came after the SEC dropped an appeal in its Ripple lawsuit
Back in August, Bitnomial filed a self-certification with the CFTC to list XRP futures contracts on its exchange. However, the SEC blocked the move and told Bitnomial that it will need to register as a securities exchange before it could list the futures products on its platform.
In retaliation, Bitnomial sued the SEC and its five commissioners on Oct. 10. In its suit, it accused the SEC of overextending its jurisdiction by claiming that XRP is a security.
This was after Judge Analisa Torres deemed that XRP is not a security for retail sales in a July 13, 2023 judgement. She did, however, say that it was a security when sold to institutions because it met the conditions set in the Howey test.
SEC Dismisses Appeal Against Judge Torres Ruling
The SEC did not agree with Judge Torres in her classification of XRP when it came to retail sales, and subsequently filed an appeal. However, in the last 24 hours, the SEC has opted out of continuing that appeal.
Ripple Labs CEO Brad Garlinghouse shared the development in an X post yesterday.
“The SEC will drop its appeal – a resounding victory for Ripple, for crypto, every way you look at it,” he wrote in the post.
This is it – the moment we’ve been waiting for. The SEC will drop its appeal – a resounding victory for Ripple, for crypto, every way you look at it.
The future is bright. Let’s build. pic.twitter.com/7WsD0C92Cm
— Brad Garlinghouse (@bgarlinghouse) March 19, 2025
Following the news, the XRP price surged over 7% in the last 24 hours to trade at $2.44 as of 1:45 a.m. EST, according to CoinMarketCap data.
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