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CFTC Approved Exchange Withdraws SEC Lawsuit After Ripple: Signing Principles for XRP! - Coin Bulletin
Bitnomial announced that it has withdrawn its lawsuit against the SEC and plans to launch XRP futures following Ripple’s legal victory.
The Chicago-based exchange and clearinghouse Bitnomial** announced that it has decided to withdraw its lawsuit against the SEC (SEC). Bitnomial characterized the SEC’s claims of authority over the company’s XRP futures product as “inappropriate”.
The company submitted its lawsuit to the Federal Court for the Northern District of Illinois on Wednesday. This development came just after Ripple announced the end of its legal battle with the SEC.
Bitnomial, regulated by the American Commodity Futures Trading Commission (CFTC), plans to launch an XRP futures product on March 20th. The company’s President Michael Dunn stated, "With the SDNY determining that XRP is not a security in secondary sales, XRP futures do not fall under the category of security futures and only fall under the jurisdiction of the CFTC". He also mentioned that after the SEC decided not to appeal this ruling, Bitnomial plans to list these futures as well.
First CFTC approved XRP futures contract
Bitnomial announced that it will launch CFTC-approved physical XRP futures for the first time in the US. This stands out as a step aimed at creating real market impact. In a statement made through social media, the company stated, “Bitnomial is launching CFTC-approved and physically settled XRP futures.” It also noted that the withdrawal of its lawsuit with the SEC was due to a reduction in regulatory uncertainties.