Crypto Market Recap: Ripple (XRP), SHIB and Binance Seize the Limelight

Ripple, the company behind the crypto XRP, expressed a sigh of immense relief as Magistrate Judge Sarah Netburn was nominated as the District Judge in the Southern District of New York on April 25. This staged as an optimistic development for Ripple, as the Judge has earlier solidified her supportive stance on cryptocurrencies and issued impartial rulings.

Whereas, soon after the Judge was nominated as the District Judge in SDNY court, her new ruling on the Ripple vs SEC lawsuit birthed ripples across the crypto space. Notably, Judge Sarah Netburn set a schedule for the ongoing legal dispute between Ripple Labs and the Securities and Exchange Commission (SEC).

The scheduling concerns Ripple’s motion to dismiss the SEC’s recent expert submissions, which were intended to bolster the SEC’s case for remedies and a final judgment. Intriguingly, Judge Netburn granted the SEC an extension until April 29, 2024, to provide their rebuttal to Ripple’s motion. Subsequently, Ripple will have three business days to reply.

Binance Founder Likely To Face Imprisonment

Further, in a follow-up to Binance’s AML saga, the firm’s founder, Changpeng Zhao, ‘CZ,’ appears to be potentially liable to face a 36-month prison sentence, per recent reports. In a court filing on Tuesday, April 23, U.S. prosecutors proclaimed that’ CZ’ should serve 36 months in prison over the allegations of violating the anti-money laundering laws (AML) on U.S. grounds.

Zhao, who stepped down as the CEO of Binance last November, awaits a final sentencing on April 30. This development has further turned heads across the broader crypto industry, underscoring complexities within the sector. 

Meanwhile, in a sentencing memorandum submitted on behalf of the former Binance CEO, attorneys argued that Zhao should be sentenced to probation. This further ignited a frenzy across the global crypto horizon.