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ARTICLE · 15 OCTOBER 2024

Bitnomial Exchange Sues SEC, Challenging Agency's Authority Over XRP Futures

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Bitnomial Exchange, LLC (Bitnomial), a designated contract market (DCM) registered with the Commodity Futures Trading Commission (CFTC)...

United StatesTechnology
Daniel J. Davis
Daniel J. Davis
Alexander C. Kim
Alexander C. Kim
Matthew Kluchenek
Matthew Kluchenek
Carrie Stickel
Carrie Stickel
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Bitnomial Exchange, LLC (Bitnomial), a designated contract market (DCM) registered with the Commodity Futures Trading Commission (CFTC), has launched a legal offensive against the US Securities and Exchange Commission (SEC), challenging the agency's attempt to exert authority over the futures exchange's self-certified XRP futures contracts.1 The lawsuit, filed by Katten on behalf of Bitnomial in the US District Court for the Northern District of Illinois, seeks declaratory and injunctive relief against the SEC's attempt to classify XRP futures as security futures. The futures exchange contends that the SEC's position creates an untenable situation, forcing Bitnomial to choose between abandoning its plans to list XRP futures or risking enforcement action by proceeding.

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