Bitnomial argued that the SEC was trying to regulate XRP futures contracts and that this attempt exceeded legal limits. The company stated that XRP futures fall solely under the jurisdiction of the US Commodity Futures Trading Commission (CFTC) and that the SEC’s intervention in this matter would create an unnecessary regulatory burden.

Bitnomial filed this lawsuit with the U.S. District Court for the Northern District of Illinois. In documents filed with the CFTC on August 9, the company stated that it had self-certified that XRP futures were in compliance with the CFTC’s regulations.

However, the SEC’s evaluation of XRP as a security posed a problem for Bitnomial. He noted that the SEC considers XRP to be an investment contract and therefore a security, therefore viewing XRP futures as security futures.

Bitnomial argued that it did not agree with the SEC’s opinion and that this situation led to an excess of legal authority.

This case marks the latest legal battle against the SEC’s efforts to expand its authority to regulate the crypto market. The lawsuit filed by Bitnomial follows a similar lawsuit filed on Tuesday by Crypto.com, which has received widespread attention in the cryptocurrency world.

Crypto.com had also filed a similar claim against the SEC, opposing the SEC’s regulatory demands on XRP. In Crypto.com’s case, it was claimed that the sanctions imposed by the SEC through regulation harmed more than 50 million crypto investors in the USA.

In response to the warning that the SEC was considering a possible enforcement action, Crypto.com stated that the sanctions imposed by the SEC through regulation created a significant problem in the industry.

Crypto.com argued that the SEC’s regulatory policies were harming the crypto market and initiated a legal process to oppose this situation. This case stands out as one of the most notable cases filed against the SEC’s regulatory crackdown on the crypto market.

Similar themes are evident in Bitnomial’s case. The company argues that the SEC’s assessment of XRP as a security is misleading and that the SEC has exceeded its authority on this matter.

According to Bitnomial, XRP futures are entirely under the jurisdiction of the CFTC and the SEC does not have any regulatory power in this regard. The company states that SEC intervention would increase the company’s regulatory burden and create unnecessary bureaucracy.

This case stands out as the latest response to allegations that the SEC is trying to expand its authority in the crypto world. The SEC’s regulatory efforts in the crypto market continue to spark controversy within the industry.

Both major crypto exchanges such as Bitnomial and Crypto.com are seeking to challenge the SEC’s regulatory crackdown on crypto through legal means. These cases could spark an important debate about the SEC’s influence and authority in the crypto market and lead to new regulatory policies in the crypto market.