Bitnomial has withdrawn its lawsuit against the U.S. Securities and Exchange Commission (SEC), coinciding with its plans to launch XRP futures contracts in the United States. This move follows closely on the heels of news that the SEC is no longer pursuing its appeal in the legal battle with Ripple Labs concerning the status of XRP.
Bitnomial’s legal challenge had centered on what the company perceived as the SEC’s overreach in its jurisdiction regarding XRP futures. The dismissal of this suit comes at a time of increased regulatory clarity surrounding XRP, particularly after Ripple CEO Brad Garlinghouse publicized that the SEC was dropping its appeal in their long standing legal battle.
This development is seen by many as a significant step forward for the cryptocurrency industry in the U.S., potentially paving the way for further regulated crypto derivatives products.
The launch of regulated XRP futures by Bitnomial is anticipated to provide greater access to the digital asset for institutional investors within a compliant framework. The timing of Bitnomial’s actions, in conjunction with the developments surrounding the SEC and Ripple, has generated considerable optimism within the cryptocurrency market.
