Crypto exchange Bitnomial filed suit against the SEC, saying the regulator overextended its jurisdiction in seeking to regulate a proposed XRP futures contract together with the CFTC. In a Thursday filing with the U.S. District Court for the Northern District of Illinois, the company said the futures fall solely in the CFTC’s remit and the SEC’s involvement would add significantly to the company’s regulatory burden. The exchange self-certified that the XRP futures did not violate the CFTC’s regulations on Aug. 9, it said. “Bitnomial disagrees with the SEC’s view that XRP is an investment contract and, therefore, a security, and that XRP Futures are thus security futures,” it said in the filing.
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