In a world where the SEC can’t seem to keep up with the fast-paced crypto market, Ripple and Bitnomial have decided to clap back in a big way! The drama unfolds as legal battles heat up and the crypto community watches with bated breath.
Ripple, also known as Ripple Labs, has been in a long-standing feud with the SEC over allegations of selling unregistered securities through XRP. After a court ruling in 2023 that XRP sold on public exchanges wasn’t a security, Ripple was ready to pay a fine and move on. However, the SEC decided to appeal the ruling, leading Ripple to cross-appeal in response.
But the drama doesn’t stop there. Bitnomial, a crypto exchange approved by the CFTC for trading crypto futures, found itself in the middle of the Ripple/SEC beef. When the SEC claimed that XRP futures are securities and should be registered as such, Bitnomial took the SEC to court, seeking a declaration that XRP futures are not securities.
Meanwhile, the SEC also filed a lawsuit against Cumberland, accusing her of being an unregistered securities dealer for handling tokens like Solana, Polygon, Cosmos, Algorand, and Filecoin without proper approval. Cumberland, in turn, argued back on social media, claiming she tried to register as a broker-dealer in 2019 but was told it only applied to Bitcoin and Ether.
As the legal battles rage on, the crypto community is on the edge of their seats, waiting to see how these conflicts will unfold. Stay tuned for more updates as this story continues to evolve in the ever-changing world of cryptocurrency.
