SEC warns Bitnomial's launch of Ripple futures may violate securities laws

The U.S. Securities and Exchange Commission (SEC) has issued a warning against the launch of cryptocurrency derivatives exchange Bitnomial's Ripple (XRP) futures product, raising "possible violations of securities laws."
The SEC said, "XRP futures products are subject to jurisdiction over both the SEC and the Commodity Futures Trading Commission (CFTC)," and "Bitnomial will not be able to register with a securities exchange before launching the products."
In response, Bitnomial said it did not agree with the SEC's opinion that XRP futures are securities and hoped the court would stop the SEC from taking legal action.
"We request that this be done."