The move comes after the SEC dropped its lawsuit against Ripple over XRP.
Bitnomial will launch CFTC-approved XRP futures on March 20 and drop its lawsuit against the U.S. Securities and Exchange Commission.
The company said its decision to withdraw the lawsuit was due to the regulator’s move to drop its legal action against Ripple.
The contracts will be physically settled, providing a new regulated trading tool for institutional and retail investors to access XRP, according to a March 19 announcement.
Regulatory Improvements
Bitnomial customers will have access to XRP futures at launch. Alternatively, potential customers can participate through Futures Commission Merchant (FCM) partners, including RJ O'Brien and Associates, Marex Capital Markets, and Bitnomial Clearing.
The introduction of these contracts follows a general trend toward regulatory clarity in the crypto space, especially as regulatory developments reshape the landscape for digital assets.
One such development is Ripple's decisive victory against the SEC. The regulator has officially dropped its appeal in a long-running legal battle over XRP's classification. Ripple CEO Brad Garlinghouse confirmed the resolution on March 19, calling it a pivotal moment for the industry.
Initiated in December 2020, the case accuses Ripple of conducting $1.3 billion worth of unregistered securities transactions. A key ruling in August 2024 determined that XRP was not a security when traded on public exchanges, although penalties were upheld for institutional transactions.
The ruling required Ripple to pay a $125 million fine, significantly lower than the SEC’s original request for nearly $2 billion.
The regulator and Ripple appealed the decision, and the SEC ultimately decided to drop the appeal. However, Ripple’s appeal to avoid the fine and remove XRP’s security status in institutional sales remains active.
Bitnomial Ends Lawsuit Against SEC
Along with the launch of XRP futures, Bitnomial announced that it had voluntarily dropped its lawsuit against the SEC.
The company sued the regulator in October 2024 over a jurisdictional dispute related to its XRP price-based futures contract.
Bitnomial initially filed for an XRP futures product in August 2024 following a federal ruling that XRP is not a security, challenging the SEC’s stance on overseeing XRP derivatives.
The company’s decision to dismiss the lawsuit was based on a changing regulatory environment and greater clarity around digital asset classification.
