Ripple, the company behind the cryptocurrency XRP, breathed a sigh of relief as Magistrate Judge Sarah Netburn was nominated as the District Judge in the Southern District of New York on April 25. This was seen as a positive development for Ripple, as Judge Netburn has shown support for cryptocurrencies in the past.
Following her nomination, Judge Netburn’s new ruling on the Ripple vs SEC lawsuit caused a stir in the crypto community. She set a schedule for the legal dispute between Ripple Labs and the Securities and Exchange Commission (SEC), specifically concerning Ripple’s motion to dismiss the SEC’s expert submissions. Judge Netburn granted the SEC an extension until April 29, 2024, to respond, with Ripple having three business days to reply.
In another development, Binance founder Changpeng Zhao, also known as CZ, is facing a potential 36-month prison sentence for allegedly violating anti-money laundering laws on U.S. soil. U.S. prosecutors filed a court document recommending the sentence, with Zhao awaiting final sentencing on April 30. This news has caused a stir in the crypto industry, highlighting the complexities within the sector.
Despite the prosecution’s recommendation, Zhao’s attorneys have argued for probation in a sentencing memorandum, adding to the excitement within the global crypto community.