Crypto enthusiasts, brace yourselves! Bitnomial, the Chicago-based exchange, has just made a game-changing move in the crypto world. They’ve voluntarily dropped their lawsuit against the U.S. Securities and Exchange Commission (SEC) right before launching the first-ever CFTC-regulated XRP futures in the United States. This bold step is set to shake up the market, and it’s happening as soon as March 20.
In a statement released on March 19, Bitnomial announced that these XRP futures are not just any futures; they are physically settled, promising real market impact. The exchange is ready to roll out these contracts to its current users, marking a significant milestone in the crypto landscape.
Bitnomial’s journey to this point hasn’t been without hurdles. Back in August 2024, they filed a self-certification with the Commodity Futures Trading Commission (CFTC) to list XRP futures contracts. However, the SEC put a roadblock in their path, insisting that Bitnomial register as a securities exchange before proceeding.
The clash with the SEC escalated when Bitnomial sued the agency and its commissioners on October 10, accusing them of overstepping by labeling XRP as a security. But now, with regulatory clarity improving, Bitnomial has decided to withdraw its lawsuit, paving the way for their groundbreaking launch.
This move comes hot on the heels of Ripple CEO Brad Garlinghouse’s announcement that the SEC has opted out of continuing an appeal against a ruling that found XRP is only a security for retail sales. This decision aligns with a July 13, 2023 judgment by Judge Analisa Torres, who ruled that XRP is not a security for retail sales but is considered one when sold to institutional investors.
The SEC’s initial legal action against Ripple Labs in December 2020 accused the firm of illegally selling its token as an unregistered security. However, under the Trump administration, the SEC has been gradually easing its hardline stance on crypto, dismissing several enforcement actions against crypto firms.
Mark Uyeda, the SEC’s acting chair since Gary Gensler’s resignation on January 20, has signaled plans to scrap a rule proposed under the Biden administration that would tighten crypto custody standards for investment advisers. Uyeda has also expressed intentions to abandon part of proposed changes that would expand regulation of alternative trading systems to include crypto firms.
As Bitnomial gears up for its XRP futures launch, the crypto community watches closely. This development not only marks a significant victory for Bitnomial but also signals a potential shift in how regulatory bodies approach crypto assets. With regulatory landscapes evolving and market dynamics shifting, the future of crypto trading in the U.S. looks more promising than ever. Stay tuned for more updates as this story unfolds!
