Chicago-based exchange and clearinghouse Bitnomial says it decided to dismiss its case against the U.S. Securities and Exchange Commission over what it called “inappropriate” jurisdiction over its XRP futures product.
Bitnomial’s lawyers filed a “notice of voluntary dismissal” on Wednesday in the U.S. District Court for the Northern District of Illinois. The dismissal comes just hours after Ripple said its legal battle with the SEC has ended.
Now, Bitnomial, which is regulated by the U.S. Commodity Futures Trading Commission, said it plans to launch that futures product on Thursday.
“With the SDNY determination that XRP is not a security in secondary offerings, XRP futures do not qualify as securities futures and are therefore solely within the jurisdiction of the CFTC,” said Bitnomial Exchange President Michael Dunn in an emailed statement. “In light of the SEC dropping their appeal of that decision, Bitnomial Exchange is planning on listing physical XRP futures tomorrow morning.”
Bitnomial sued the SEC in October for allegedly asserting its power over the company’s XRP futures product. The exchange said the SEC asserted that its XRP futures product, which was not listed at the time, violated federal securities laws.
“Bitnomial is launching the first-ever CFTC-regulated $XRP futures in the U.S. — physically settled for real market impact,” the exchange said in a post on X. “Plus, we’ve voluntarily dismissed our case against the SEC as regulatory clarity improves.”
Also on Wednesday, Ripple said the SEC decided to drop its appeal against the firm, essentially dropping the case. This comes years after the SEC accused Ripple of raising $1.3 billion through the sale of XRP, which it claims is an unregistered security.
Under the Trump administration, the SEC so far looks a lot different than it did under former Chair Gary Gensler. Over the past several weeks, the agency has rescinded controversial crypto accounting guidance, looked to re-examine rules affecting crypto, created a crypto task force and issued a statement on memecoins.
This comes as firms are vying for a number of crypto exchange-traded funds, including ones based on XRP.
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