Crypto: Ripple, Binance, Shiba Inu Rule Week. As the cryptocurrency landscape comes to an end this week, Ripple and Shiba Inu, the founders of Binance, take center stage. Adding to the post-BTC halving fervour in the cryptocurrency market, some of this week’s top stories that sparked investor excitement include:
The US SEC and Ripple Take a New Turn
The never-ending legal battle between Ripple and the U.S. Securities and Exchange Commission took an intriguing turn this week, keeping crypto market participants fascinated. The cryptocurrency XRP firm Ripple released a statement on April 25 expressing its profound satisfaction at the nomination of Magistrate Judge Sarah Netburn as the District Judge for the Southern District of New York. Ripple viewed this development favorably because the judge had already issued impartial rulings that signaled her support for cryptocurrencies.
On the other hand, Judge Sarah Netburn’s recent decision in the Ripple v. SEC litigation caused a stir in the cryptocurrency world shortly after she was appointed as the District Judge in SDNY court. Judge Netburn notably established a timeline for the ongoing litigation involving the Securities and Exchange Commission (SEC) and Ripple Labs.
Ripple has filed a motion to dismiss the SEC’s latest expert filings. The SEC filed these expert reports to support their arguments for remedies and a final judgment in the ongoing lawsuit. (This clarifies who performed the action and the purpose of the filings.). Judge Netburn, in an intriguing move, gave the SEC until April 29, 2024, to respond to Ripple’s motion. Ripple will then have three business days to respond.
The founder of Binance is expected to go to jail.
Meanwhile, legal troubles are brewing for Binance. According to recent reports, Changpeng Zhao, the exchange’s founder better known as “CZ,” faces a potential 36-month prison sentence. This stems from an ongoing case regarding Binance’s alleged involvement in an anti-money laundering (AML) scandal. On Tuesday, April 23, U.S. prosecutors filed a court document seeking a 36-month prison term for CZ, accusing him of violating AML regulations within the United States.
Zhao, who left his position as CEO of Binance in November of last year, is scheduled to be sentenced in full on April 30. This development has highlighted the complexity of the crypto business and turned heads even further.
Defense attorneys for the former Binance CEO argued in a sentencing brief that Zhao should receive probation. (This clarifies that lawyers representing Zhao are making the case for probation.)This stoked an even greater fervour in the world of cryptocurrency.
Shiba Inu Advances With Crypto Venture
This week, Shiba Inu, the playful pup aiming to dethrone Dogecoin, continued to make impressive strides in its overall project. However, in a surprising turn of events, the meme coin community rejected proposals to integrate a layer-three blockchain, potentially altering the course of Shiba Inu’s technological development. Despite this unexpected detour, the Shiba Inu ecosystem continues to showcase advancements across various aspects.
The primary cause of the layer three blockchain is Shiba Inu’s partnership with Zama. Moreover, with speculations about the L3 being an FHE (Fully Homomorphic Encryption) based blockchain prevailing in the industry, Shiba Inu ecosystem users remain optimistic.
In a move to address scalability concerns, the community has also revealed plans to implement a hard fork for Shibarium. This upgrade aims to significantly improve transaction processing speed and introduce more predictable transaction fees.
All of these stories seem to have drawn the interest of investors and traders in the cryptocurrency space this week.
