Bitnomial, a Chicago-based crypto derivatives exchange, has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) in an Illinois federal court over the classification of XRP futures as securities. The exchange argues that XRP is a commodity and that the SEC is overstepping its jurisdiction, which should fall under the Commodity Futures Trading Commission (CFTC). Bitnomial claims that the SEC's stance duplicates regulatory burdens and complicates its operations. The exchange also noted that it was compliant with commodity laws by self-certifying with the CFTC to list XRP futures contracts. This lawsuit marks the second dispute involving the SEC and a crypto exchange this week.