- Ripple proposed to deposit 111% of the judgment amount into a secure account.
- Investors are closely watching the SEC’s next move, which may impact the crypto market.
- The SEC’s decision on whether to oppose the Ripple ruling remains uncertain as market anticipation grows.
The U.S. Securities and Exchange Commission approved Ripple’s request to delay its $139 million judgment payment. Ripple proposed to deposit 111% of the amount into a secure account while awaiting a potential appeal or expiration of the appeal period. This move has raised questions about whether the SEC will appeal the ruling made on August 7, 2024.
Crypto watchers are paying close attention to the case. A tweet from a well-known figure questioned the SEC’s next steps. The tweet, which got over 4,495 views, suggested the SEC would have told Ripple to pay if no appeal was planned.
SEC’s Active Enforcement of Financial Rules
Beyond the Ripple allegations, the SEC has been busy enforcing rules in the financial world. Recently, the agency charged over 20 broker-dealers and investment advisers. They failed to keep business-related messages, including those on personal devices. The firms agreed to pay about $400 million in civil penalties for breaking recordkeeping rules.
The companies admitted to violating federal securities laws such as the Exchange Act and the Advisers Act. Most were also required to hire compliance consultants to review their communication policies to ensure they follow the law moving forward.
SEC’s Expanding Role in Cryptocurrency
It’’s control over the digital money’s economy continues to grow. This gives it the power to regulate digital currencies that meet the definition of securities. When the SEC takes action, the market often reacts, creating volatility. Crypto firms like exchanges and broker-dealers must follow these rules or face serious consequences.
Failing to comply can result in fines or orders to stop operations. The SEC also refers criminal cases to the FBI or DOJ for further action. Therefore, its actions not only affect regulations but also impact the confidence of investors.
Ripple Case and Investor Reactions
The uncertainty around Ripple’s case and other SEC actions has affected market participants. Investors closely follow the SEC’s decisions, which often lead to sell-offs or changes in crypto prices.
With Ripple’s delayed payment, many are now asking: Will the SEC appeal the ruling or accept the payment?
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