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SEC Still Considers Ripple’s XRP A Security Despite Monumental Court Ruling, New Bombshell Lawsuit Reveals
The United States Securities and Exchange Commission (SEC) still thinks Ripple–affiliated cryptocurrency XRP is a security despite a judge declaring the token a non-security in a historic ruling in 2023.
Crypto derivatives exchange Bitnomial revealed this in a lawsuit filed against the SEC, its Chairman Gary Gensler, and four other commissioners for allegedly asserting their power over the company’s XRP Futures product.
Bitnomial Sues SEC Over Claim XRP Is A SecurityBitnomial is taking the SEC to court for “overextending its jurisdiction over digital assets” by claiming that XRP qualifies as a security.
Bitnomial claimed in a Thursday lawsuit filed in an Illinois federal court that the SEC proclaimed that the exchange’s yet-to-be-listed XRP Futures product broke federal securities laws, deeming XRP an investment contract. The regulator allegedly contended that futures products should be supervised by both the SEC and the Commodity Futures Trading Commission.
BY Crypto
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