Crypto exchange Bitnomial has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) over the agency’s attempts to regulate an XRP futures contract as a security.

The SEC classifies XRP as a security, arguing that transactions involving the token fall under federal securities laws. This position extends to Bitnomial’s upcoming futures contracts, which will allow traders to bet on the price of XRP against the U.S. dollar.

Meanwhile, the Bitnomial team filed for XRP futures contracts in August after Ripple won another victory over the SEC. At the time, a federal judge ruled that XRP was not a security in certain transactions. However, the SEC still maintains that XRP functions as an investment contract and thus falls under its purview.