Chiara Bianchi
Chicago-based exchange and clearinghouse Bitnomial has officially dropped its lawsuit against the U.S. Securities and Exchange Commission (SEC) regarding its XRP futures product. The company initially contested what it deemed as the SECโs โinappropriateโ jurisdiction over its derivatives offering.
On Wednesday, Bitnomialโs legal team filed a voluntary dismissal notice in the U.S. District Court for the Northern District of Illinois. This decision closely follows Rippleโs announcement that its legal dispute with the SEC has come to an end.
Bitnomial Set to Launch XRP Futures After Legal Clarity
With the lawsuit behind them, Bitnomial has confirmed plans to launch its XRP futures product on Thursday, fully regulated under the U.S. Commodity Futures Trading Commission (CFTC).
Michael Dunn, President of Bitnomial Exchange, stated:
โWith the SDNY ruling that XRP is not a security in secondary markets, our XRP futures do not fall under securities regulations and are therefore under the sole jurisdiction of the CFTC. Now that the SEC has dropped its appeal, Bitnomial will proceed with listing physically settled XRP futures tomorrow morning.โ
A Landmark Move for XRP Futures Trading
Bitnomial filed its lawsuit against the SEC in October, arguing that the regulator was wrongfully asserting control over its planned XRP futures product before it was even listed. Now, the company is positioning itself as a pioneer in U.S.-regulated XRP derivatives trading.
๐ข Bitnomialโs Announcement on X (formerly Twitter):
โBitnomial is launching the first-ever CFTC-regulated $XRP futures in the U.S. โ physically settled for real market impact. Plus, weโve voluntarily dismissed our case against the SEC as regulatory clarity improves.โ
SEC Drops Appeal Against Ripple
In a related development, Ripple confirmed on Wednesday that the SEC has officially abandoned its appeal, effectively ending the long-running case. The lawsuit, which began in 2020, accused Ripple of raising $1.3 billion through unregistered XRP sales.
Under the Biden administration, the SEC has taken a notably different stance on crypto regulation compared to its previous leadership under Gary Gensler. Recent actions include:
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Rescinding restrictive crypto accounting guidance
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Reevaluating key regulations impacting digital assets
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Establishing a dedicated crypto task force
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Issuing statements on memecoins and digital asset trading
The Future of XRP and Crypto ETFs
This shift in regulatory tone comes as financial institutions are actively pursuing crypto-based exchange-traded funds (ETFs), including those tied to XRP. With increasing regulatory clarity, the crypto market is now watching how newly proposed ETFs and institutional adoption could reshape the landscape.
