In a move that can only be described as a delightful twist in the crypto saga, Bitnomial, the plucky little exchange from Chicago, has decided to toss its lawsuit against the US Securities and Exchange Commission (SEC) into the proverbial bin. Why? Because they’re gearing up to launch their Ripple XRP futures in the good ol’ US of A! 🎉
On March 19, in a statement that surely had the SEC’s lawyers reaching for their stress balls, Bitnomial announced that their XRP futures are now under the watchful eye of the US Commodity Futures Trading Commission (CFTC). And guess what? They’ll be available starting March 20 for all you eager beavers out there! 🐦
“Bitnomial is launching the first-ever CFTC-regulated XRP futures in the US — physically settled for real market impact,” they proudly proclaimed. Because who doesn’t want their futures to be physically settled? Sounds like a fancy way of saying, “We’re serious about this!”
Now, let’s rewind a bit. Back in August 2024, Bitnomial filed a self-certification with the CFTC to list XRP futures contracts. But alas! The SEC, in its infinite wisdom, decided to play the role of the gatekeeper, insisting that Bitnomial first register as a securities exchange. Because why make things easy, right?
In a fit of righteous indignation, Bitnomial took the SEC to court on October 10, accusing them of overstepping their bounds by declaring XRP a security. It’s like calling a cat a dog—just doesn’t sit right!
Fast forward to March 19, when Ripple CEO Brad Garlinghouse announced that the SEC had decided to back off from appealing a ruling that said XRP is not a security for retail sales. A July 13, 2023 judgment from Judge Analisa Torres had already deemed XRP not a security for retail sales, but she did suggest it might be one for institutional investors. Talk about a mixed message!
The SEC initially threw down the legal gauntlet against Ripple Labs back in December 2020, claiming they were selling their token like it was candy at a fair—without proper registration, of course.
Under the Trump administration, the SEC has been slowly softening its stance on crypto, like a popsicle left out in the sun. The acting chair, Mark Uyeda, who took over after Gary Gensler’s dramatic exit on January 20, has even hinted at scrapping some of the stricter rules proposed under the Biden administration. Because who doesn’t love a good regulatory rollercoaster?
In a speech on March 10, Uyeda mentioned he had asked SEC staff to consider abandoning some proposed changes that would have expanded regulations to include crypto firms. It’s like watching a game of musical chairs, but with regulations instead of chairs!
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2025-03-20 08:16