Bitnomial Exchange Sues SEC Over Alleged Overextension of Jurisdiction on XRP Futures Contract

Crypto exchange Bitnomial has filed a lawsuit against the SEC for allegedly exceeding its jurisdiction in regulating a proposed XRP futures contract. The exchange claims that the futures contract is already regulated by the CFTC and that the SEC's involvement would add to the company's regulatory burden. Bitnomial self-certified that the XRP futures contract did not violate the CFTC's regulations on August 9th. The case has been filed with the U.S. District Court for the Northern District of Illinois.