<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitnomial-takes-legal-action-against-sec" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitnomial Takes Legal Action Against SEC</a><br></p>
<p style="text-align: justify">Bitnomial, a cryptocurrency derivatives exchange, has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) over its recent classification of <a href="https://en.bitcoinhaber.net/insight-into-the-rise-of-high-value-xrp-investors" data-wpel-link="internal" rel="noopener noreferrer nofollow">XRP</a> futures. The exchange disputes the SEC’s labeling of XRP futures as “securities futures,” arguing that this categorization misrepresents the nature of the asset.</p>
<h2 style="text-align: justify" id="what-are-the-grounds-for-the-lawsuit">What Are the Grounds for the Lawsuit?</h2>
<p style="text-align: justify">Bitnomial asserts that the SEC’s designation of XRP futures as securities creates shared regulatory oversight between the SEC and the Commodity Futures Trading Commission (CFTC). This contention arises following a federal judge’s ruling in August that XRP sales in secondary markets do not classify as securities.</p>
<h2 style="text-align: justify" id="how-does-bitnomial-justify-its-position">How Does Bitnomial Justify Its Position?</h2>
<p style="text-align: justify">The exchange claims that XRP should not be treated as an investment contract and thus argues for CFTC oversight rather than SEC control. Through this legal action, Bitnomial is seeking a court ruling to affirm that XRP futures are not securities futures and to dismiss the SEC’s claims.</p>
<ul>
 <li>Bitnomial demands clarity in regulatory frameworks for cryptocurrency derivatives.</li>
 <li>The lawsuit could influence future regulatory decisions affecting the entire cryptocurrency market.</li>
 <li>The CFTC is already asserting authority over significant portions of the crypto space.</li>
</ul>
<p style="text-align: justify">This lawsuit underscores the necessity for a clear regulatory landscape in the cryptocurrency domain, especially regarding the ongoing legal battle involving <a href="https://en.bitcoinhaber.net/xrps-legal-battle-nears-conclusion" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ripple</a> and the SEC. The resolution of this case may shape the future of regulations affecting cryptocurrencies and the respective authorities governing them.</p>
<h5><span style="font-weight:bold;font-size:16px">Continue Reading: </span> <a href="https://en.bitcoinhaber.net/bitnomial-takes-legal-action-against-sec" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitnomial Takes Legal Action Against SEC</a></h5>

Bitnomial Takes Legal Action Against SEC

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