Ripple, the company behind the crypto XRP, expressed a sigh of immense relief when Magistrate Judge Sarah Netburn was appointed district judge for the Southern District of New York on April 25. for Ripple, as the judge has previously solidified his stance in support of cryptocurrencies and issued impartial rulings.
While, shortly after the judge was appointed as a district judge in the SDNY court, his new ruling on the Ripple vs. SEC lawsuit gave birth to repercussions in the crypto space. Notably, Judge Sarah Netburn set a timeline for the ongoing legal dispute between Ripple Labs and the Securities and Exchange Commission (SEC).
The timeline concerns Ripple’s motion to dismiss the SEC’s recent expert submissions, which sought to bolster the SEC’s case for remedial action and final judgment. Interestingly, Judge Netburn granted the SEC an extension until April 29, 2024 to refute Ripple’s motion. Thereafter, Ripple will have three business days to respond.
Binance founder likely faces imprisonment
Additionally, in a continuation of Binance’s AML saga, the company’s founder, Changpeng Zhao, “CZ”, appears to potentially face a 36-month prison sentence, according to recent reports. In a court filing filed Tuesday (April 23), US prosecutors proclaimed that “CZ” should serve 36 months in prison for allegations of violating anti-money laundering (AML) laws on US charges.
Zhao, who resigned as Binance CEO last November, is awaiting final sentencing on April 30. This development has further turned heads across the crypto industry, highlighting the complexities of the sector.
Meanwhile, in a sentencing memorandum submitted on behalf of the former Binance CEO, lawyers argued that Zhao should be sentenced to probation. This has further sparked a frenzy across the global crypto horizon.
