The battle between Ripple and SEC has become even more intense as Bitnomial recently revealed an important update. Notably, Bitnomial Exchange recently sued the U.S. Securities and Exchange Commission because the agency claims that XRP futures are “securities futures.” However, in this situation, pro-XRP lawyer Bill Morgan revealed the main reason why the authorities continue to take a tough stance against XRP in the Bitnomial lawsuit.
Ripple vs. SEC: Why does the SEC continue to target XRP?
Bitnomial continues to move forward with its strategic plans despite the latest legal hurdles and continued tension from the Ripple vs. SEC lawsuit. In a recent announcement, the exchange revealed the upcoming launch of Botanical, a perpetual futures platform.
The platform, which was backed by Ripple with a $25 million funding round, aims to offer users a variety of trading options such as futures, crypto derivatives, and more. The company also announced that Ripple CEO Brad Garlinghouse will be joining its board of directors, further fueling speculation in the cryptocurrency market.
Meanwhile, Ripple’s involvement in the fundraising further fuels debate about the SEC’s motives for targeting Bitnomial. Some critics argue that the regulatory scrutiny of Bitnomial’s XRP futures is a calculated move to undermine Ripple’s growing influence.
One social media user pointed out that all companies that handle XRP appear to be under SEC scrutiny. His comments reflect Ripple’s actions and may be aimed at hindering Ripple’s progress rather than protecting investors.
However, Bill Morgan, a pro-XRP lawyer, weighed in on this point of view. He emphasized that Ripple’s support for Bitnomial creates a strong incentive for crypto giants to support Bitnomial in the legal battle. He noted that the SEC’s aggressive stance could be part of a broader strategy to curb Ripple’s growth through related businesses such as Bitnomial.
What’s next for the XRP lawsuit?
The Bitnomial case is gaining even more attention as the US SEC recently filed an appeal in the XRP case. The Ripple v. SEC case was one of the long-running and high-profile legal battles in the cryptocurrency sector.
A recent appeal by the agency has sparked debate in the market, with many criticizing the SEC’s extension of the case. However, Ripple has also filed a cross-appeal, showing confidence in the ongoing legal battle. Additionally, Ripple CLO also comments on the XRP lawsuit and its potential future developments.
Meanwhile, in this situation, Grayscale has applied to convert Solana, XRP, and AVAX Trust into ETF products. This move shows the company’s confidence in Ripple and its native crypto, even though the US SEC is targeting Ripple’s native crypto. Additionally, Ripple also revealed a major update to its stablecoin RLUSD, fueling market speculation.
However, today’s XRP price fell by 1.5% to $0.5384, while trading volume increased by 9% to $1.22 billion. In the past 24 hours, the currency hit a high of $0.5475 and a low of $0.5327. Furthermore, XRP futures open interest also decreased by 2% to $747.94 million.
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Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial markets and has built a reputation as a meticulous investigative analyst and insightful journalist. He is passionate about exploring the dynamic nuances of the financial landscape. Currently serving as an associate editor at Coingape, Rupam’s expertise transcends traditional boundaries. His role includes breaking news, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam’s career has been marked by a deep passion for demystifying the complexities of finance and delivering impactful stories that resonate with diverse audiences.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
