Ripple in Crisis: What XRP Holders Need to Know!

The crypto world is buzzing as Bitnomial takes a bold step against the SEC, challenging the classification of $XRP as a security. Bitnomial has launched a lawsuit against the U.S. Securities and Exchange Commission (SEC) and five of its commissioners, accusing the agency of overstepping its bounds by labeling XRP as a security.

Filed in Illinois federal court on October 10, Bitnomial's lawsuit contends that XRP should be considered a commodity, placing it under the jurisdiction of the Commodity Futures Trading Commission (CFTC) rather than the SEC. They argue that the SEC’s prior ruling, which deemed XRP sold in secondary markets as not being a security, should stand. Despite this, on October 2, the SEC announced plans to appeal Judge Analisa Torres’ decision.

Bitnomial is seeking a court declaration that its XRP futures are not securities, along with an injunction to stop the SEC from asserting control over their derivatives or taking enforcement action against the platform. Just days after, on October 8, Cryptocom also took legal action against the SEC following a Wells notice indicating potential regulatory moves.

Adding fuel to the fire, Canary Capital filed its own lawsuit on October 8, aiming to launch a spot $XRP exchange-traded fund (ETF), closely following Bitwise’s similar legal move.

By the way.. 💸🎁👇

EARN 20$ INSTANTLY WITH BINANCE! 💥

Would you like to earn 20$ bonus in just a few steps?

🎉 If you have never traded futures before, this is your chance!

Those who activate their futures for the first time and send funds from a spot wallet will get the bonus instantly! 🚀

👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇

🔗 Click to activate futures transactions now!

#CryptoDrama #XRPvsSEC #RippleLegalBattle #CryptoCommunity #XRPArmy #CryptoNews