Ripple CEO slams SEC for overstepping authority by ignoring ruling that XRP is not a security

Odaily News Ripple CEO Brad Garlinghouse continues to strongly oppose the U.S. SEC, especially its ongoing legal actions against XRP and appeals related to the Ripple case. Crypto derivatives platform Bitnomial recently filed a lawsuit against the SEC over the regulation of XRP futures. Garlinghouse responded on X: "For a rebellious institution that many people thought could not fall further, they once again broke the bottom line. The SEC now believes that it can be above the law and ignore the court's ruling that XRP is not a security." (Bitcoin.com) Earlier news, the crypto derivatives exchange Bitnomial sued the U.S. SEC, questioning its regulatory authority over XRP futures. Bitnomial is regulated by the CFTC. After the SEC's lawsuit against Ripple ended, the company self-certified the XRP dollar futures contract in August, when a federal judge rejected the SEC's claim that XRP was a security. According to Bitnomial’s lawsuit, the SEC contacted the exchange shortly after the lawsuit was filed, stating that XRP futures are “security futures” subject to the joint jurisdiction of the SEC and CFTC, and that Bitnomial would violate federal securities laws if it proceeded with the listing. The SEC also stated that Bitnomial must comply with other requirements before listing XRP futures, including registering as a national securities exchange.