The SEC intervened in the process, contacting the exchange shortly after the filing. The agency asserted that XRP Futures are “security futures,” subject to joint SEC and CFTC jurisdiction. They warned Bitnomial that proceeding with the listing would breach federal securities laws.

Bitnomial sued SEC over regulator's continyed claim that XRP is a security, just days after SEC filed notice of appeal in matter

Bitnomial, a digital asset derivatives exchange, has filed a lawsuit against the US SEC over its attempt to assert jurisdiction over the planned XRP Futures contract. It claims that this product is regulated by the CFTC and not the SEC.