After the positive development in the XRP-SEC case, the giant company took its first XRP step!

The Chicago-based exchange and clearinghouse Bitnomial announced that it plans to launch an XRP futures product after voluntarily pulling back the lawsuit it filed against the Securities and Exchange Commission (SEC) (.

This move came after Ripple’s recent legal victory that effectively ended its long-standing battle with the regulatory agency.

Bitnomial’s legal team signaled the withdrawal of its lawsuit against the SEC by submitting a “voluntary dismissal notice” to the U.S. District Court for the Northern District of Illinois. The lawsuit, originally filed in October, was challenging what Bitnomial defined as the SEC’s “improper” jurisdiction over its XRP futures product.

Bitnomial had previously argued that the SEC exceeded its authority by claiming that the XRP futures proposal violated federal securities laws. However, with the SEC’s decision to drop its appeal against Ripple, Bitnomial now sees a clearer regulatory path for its product.

Bitnomial, operating under the regulation of the Commodity Futures Trading Commission (CFTC) ), confirmed that it will continue the launch of the XRP futures product tomorrow.

Michael Dunn, President of Bitnomial Exchange, stated in an email, “With the SDNY’s decision that XRP is not a security in secondary offerings, XRP futures are not classified as security futures and thus only fall under the jurisdiction of the CFTC.” He added, “In light of the SEC’s withdrawal of its appeal against this decision, Bitnomial Exchange plans to list physical XRP futures tomorrow morning.”