Crypto exchange Bitnomial has voluntarily dismissed its lawsuit against the US Securities and Exchange Commission (SEC), paving the way for the launch of its Ripple (XRP) futures in the United States. These futures, which are regulated by the US Commodity Futures Trading Commission (CFTC), will be available to users starting March 20.

Bitnomial had filed a self-certification with the CFTC to list XRP futures contracts in August 2024. However, the SEC blocked the move, citing the need for Bitnomial to register as a securities exchange first. The company had sued the SEC, accusing it of overreaching by labeling XRP as a security.

Ripple CEO Brad Garlinghouse previously announced that the SEC decided not to continue appealing a decision that deemed XRP is not a security for retail sales. This followed a July ruling by Judge Analisa Torres, who stated XRP is not a security in retail scenarios but suggested it might be to institutional investors.

The SEC initially filed legal actions against Ripple Labs in December 2020 for selling its token as an unregistered security. Recent changes in the SEC's approach to crypto regulation hint at a shift from the harsher policies seen during Gary Gensler’s tenure.

Under acting chair Mark Uyeda, the SEC is considering abandoning rules that would tighten crypto custody standards and has suggested dropping the requirement for crypto firms to register as exchanges.