đ¨ Ripple in Trouble: XRP Investors Beware! đ¨
In a significant legal development, crypto exchange Bitnomial has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC), arguing that $XRP should not be classified as a security. The lawsuit was filed in Illinois federal court on October 10, asserting that the SEC is overstepping its jurisdiction regarding digital assets.
Bitnomial contends that $XRP is a commodity and that the SECâs claims infringe upon the authority of the Commodity Futures Trading Commission (CFTC), which holds exclusive jurisdiction over such products. The exchange cites the SECâs previous rulings, which indicated that $XRP traded in secondary markets does not qualify as a security. However, the SEC recently announced plans to appeal Judge Analisa Torresâ decision on this matter.
In their lawsuit, Bitnomial seeks a declaratory judgment confirming that its Xrp futures are not securities and requests an injunction to prevent the SEC from asserting jurisdiction over these derivatives or taking any enforcement actions against them. This legal action follows another lawsuit filed by global digital asset exchange Crypto.com after receiving a Wells notice from the SEC, suggesting potential enforcement actions.
Additionally, on October 8, Canary Capital filed a lawsuit against the SEC to launch a spot Xrp exchange-traded fund (ETF), further indicating growing tensions between digital asset exchanges and regulatory authorities.
Current Price: $XRP: $0.536 | Change: -0.01%
As these legal battles unfold, the implications for Xrp investors are profound. Stay vigilant and informed as the situation develops!
#XRP #Ripple #CryptoLegalBattles #10MTradersLeague #Write2Earn!
