Bitnomial, a Chicago-based crypto derivatives exchange, has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) challenging the agency's claim that XRP is a security. The lawsuit stems from the SEC's assertion that Bitnomial's XRP futures contracts should be regulated as "security futures," which would require the exchange to register with the SEC as a securities exchange.$XRP
Bitnomial argues that XRP is already regulated by the Commodity Futures Trading Commission (CFTC) as a commodity, and the SEC's intervention is an overreach of its authority. This legal dispute follows the broader conflict between Ripple Labs and the SEC over the classification of XRP, with a previous court ruling stating that XRP sold on secondary markets does not constitute a security
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