Yigit Taha OZTURK 
US-based crypto exchange Bitnomial has voluntarily withdrawn its lawsuit against the Securities and Exchange Commission (SEC) just before launching XRP futures trading in the United States.
The Chicago-based firm announced on March 19 via X that its CFTC-regulated XRP futures would be available to existing users starting March 20.
“Bitnomial is launching the first-ever CFTC-regulated XRP futures in the US. Plus, as regulatory clarity improves, we’ve voluntarily dismissed our case against the SEC,” the firm stated.
Bitnomial vs. SEC: Legal Dispute Overview
Bitnomial filed for self-certification with the CFTC in August 2024 to list XRP futures, but the SEC blocked the move, arguing that the company must first register as a securities exchange. On October 10, Bitnomial sued the SEC and five commissioners, alleging that the regulator was overstepping its jurisdiction by classifying XRP as a security.
Ripple’s Legal Battle with the SEC
This development comes after Ripple CEO Brad Garlinghouse revealed that the SEC had opted not to continue its appeal against a ruling stating that XRP is not a security for retail sales.
On July 13, 2023, Judge Analisa Torres ruled that XRP does not qualify as a security when sold to retail investors, though it does meet the Howey Test criteria when sold to institutional investors.
Meanwhile, under the Trump administration, the SEC has been reversing its hardline stance on crypto regulations established under Gary Gensler. Acting SEC Chair Mark Uyeda, who replaced Gensler on January 20, announced on March 17 plans to scrap a proposed Biden-era rule tightening crypto custody standards.
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