Bitnomial Drops SEC Lawsuit After Ripple’s Victory, Prepares to Launch XRP Futures
Nidhi Kolhapur20 Mar 20253 min read
After nearly four years of legal battles, Ripple has finally scored a major victory against the SEC – and the impact could be huge. The lawsuit, which began in December 2020 over claims that XRP was an unregistered security, has been one of the most closely watched cases in crypto history. Now, in a surprising turn of events, the SEC has dropped its appeal, marking a major shift in the fight.
But is the case really over? Maybe not.
Ripple Gains the Upper Hand
Despite this major development, Ripple CEO Brad Garlinghouse clarified that the case isn’t completely over. A cross-appeal is still pending, but the situation has changed in Ripple’s favor.
“We go from being the defendant to the plaintiff,” he said. “Now, we’re in the driver’s seat, deciding how we want to proceed.”
This shift is being seen as a victory not just for Ripple but for the entire cryptocurrency industry. The case has set an important precedent that could influence future regulatory decisions and provide more clarity on how digital assets are classified.
Bitnomial Withdraws Lawsuit Against SEC
Following the SEC’s decision to drop its appeal, FOX Business journalist Eleanor Terrett shared in an X post that crypto derivatives exchange Bitnomial has chosen to dismiss its own lawsuit against the SEC.
Bitnomial had filed the lawsuit in October, challenging the SEC’s authority over its proposed XRP futures contract. The case was important because it highlighted the ongoing debate over whether the SEC has jurisdiction over cryptocurrency products.
Bitnomial to Launch XRP Futures
With regulatory uncertainty easing, Bitnomial is moving ahead with the launch of its CFTC-approved XRP futures contracts today.
“Bitnomial is launching the first-ever CFTC-regulated XRP futures in the U.S. — physically settled for real market impact,” the exchange announced in an X post. “Plus, we’ve voluntarily dismissed our case against the SEC as regulatory clarity improves.”
Now that the SEC has dropped its legal action against Ripple, Bitnomial has gained the confidence to proceed with its plans.
What This Means for Crypto Investors
The launch of Bitnomial’s XRP futures contracts on March 20 marks an important moment for the crypto derivatives market. These contracts will be physically settled, meaning actual XRP will be delivered when the contract expires. This is an important feature for investors who prefer direct exposure to the digital asset through regulated channels.
Bitnomial clients can trade XRP futures immediately, while new clients can join through FCM (Futures Commission Merchant) partners such as R.J. O’Brien, Marex Capital Markets, and Bitnomial Clearing.
These developments could help create a more structured framework, giving investors and businesses greater confidence in the future of digital assets.
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FAQs
- The SEC dropped its appeal, but a cross-appeal is pending. Ripple now leads the legal battle, marking a major shift in the case.
