Crypto derivatives exchange Bitnomial has sued the US SEC, claiming it has overreached its jurisdiction with the latest attempt to prevent the listing and trading of XRP futures.

According to the filing, Bitnomial claimed that XRP futures were a contract under the jurisdiction of the Commodities Futures Trading Commission. However, the US SEC claims that the futures product is a securities product and requires joint approval from it and the CFTC.

Bitnomial stated in the lawsuit that the SEC argued that listing the XRP futures contract violated federal securities law. The SEC also required that it meet certain requirements before listing, including registering as a securities exchange. For context, Bitnomial revealed it filed for an XRP US Dollars Futures product with the CFTC in August after a court ruled that XRP was not a security. As a result, offering a futures contract tied to the XRPL native token does not constitute an investment contract.

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