The XRP token is already regulated as a commodity and the SEC “duplicates and compounds the regulatory burden” by saying it’s a security, Bitnomial said in a lawsuit.
Crypto exchange Bitnomial has sued the United States Securities and Exchange Commission and its five commissioners, accusing the agency of “overextending its jurisdiction over digital assets” by claiming that XRP is a security.
Bitnomial claimed in its Oct. 10 suit filed in an Illinois federal court that XRP (XRP) is already regulated as a commodity, and the SEC “asserts jurisdiction over a product that is already regulated by and subject to the exclusive jurisdiction of the Commodity Futures Trading Commission.”
“In doing so, the SEC inappropriately duplicates and compounds the regulatory burden on Bitnomial,” the exchange added.
