The Bitnomial SEC lawsuit has triggered speculation about Ripple’s XRP once again. The Commission has filed a notice of appeal, maintaining its position that XRP qualifies as a security under its regulations. Bitnomial, on the other hand, believes that the agency is overstepping its boundaries by classifying the digital asset as a security. Needless to say, the two have disagreements, and it remains to be seen how things will progress in the future.
Bitnomial has filed a lawsuit in Illinois district court this Thursday. It comes after the crypto venture cleared the paperwork for the XRP-to-USD Dollar futures contract earlier this year in August. The SEC responded by advising Bitnomial that XRP was subject to both the CFTC and the SEC, forcing Bitnomial to register as a national stock exchange in order to market the futures product.
Bitnomial reiterated that only the CFTC has authority over XRP, as the digital asset is not an investment product.
The Ripple-SEC lawsuit has once again come under the limelight. It has initiated speculation about the upcoming bearish run of the token. XRP is currently exchanging hands at $0.5345, up by 1.43% in the last 24 hours. However, given the situation, there is a possibility that XRP may come down to $0.45. Currently, XRP predictions do not indicate such a scenario. The highest it can reach by the end of this year is $0.84. Near-term predictions project XRP to surge by 18.73% in the next 30 days to take the value to $0.634277.
The Bitnomial SEC lawsuit adds to the growing legal issues that the SEC is facing in the crypto market. Several crypto analysts have noted that the SEC is overstepping its jurisdiction. Many of them even went to the extent of alleging that the move could be political, ready to be overturned if Donald Trump ever comes to power.
Ripple was last seen filing a cross-appeal, details of which are not yet public. The most updated development by Ripple is launching its crypto vault service for banks, allowing them to store the digital assets of their clients safely. It has been coined as a major expansion for the crypto sphere and a pivotal integration for traditional banking systems. Some of the features of the crypto vault are preconfigured operational and policy settings, risk monitoring, and integration with the XRP Ledger.
This indicates a growing acceptance of the crypto market within the mainstream financial world. Banks will be better equipped to meet the innovative demands of their customers, and Ripple will have a solid foundation to expand its payment settlement business. Call it a win-win scenario, for Ripple and banks are likely to gain something from these crypto vaults.
More information on the Bitnomial SEC is expected to come out in the coming days.