The world of cryptocurrencies will end in another week, with Ripple and Shiba Inu, the founders of Binance, in the spotlight. Adding to the frenzy in the crypto market after the BTC halving, here are the main headlines this week that caused a buzz among investors:
Ripple vs. US SEC takes a new turn
The never-ending legal battle between Ripple and the US Securities and Exchange Commission took an exciting turn this week, captivating crypto market participants. Ripple, the company behind the cryptocurrency XRP, breathed a huge sigh of relief after Judge Sarah Netburn was appointed as a district judge in the Southern District of New York on April 25th. This was staged as an optimistic development. Ripple said the judge had previously taken a firm stance in favor of cryptocurrencies and issued a fair ruling.
Meanwhile, shortly after the judge was appointed as a district judge in the SDNY court, her new ruling in the Ripple v. SEC case created ripples throughout the crypto industry. Notably, Judge Sarah Netburn set the timeline for the ongoing legal dispute between Ripple Labs and the Securities and Exchange Commission (SEC).
This schedule relates to Ripple's motion to dismiss the SEC's recent expert filings aimed at strengthening its case for SEC relief and final judgment. Interestingly, Judge Netburn granted the SEC an extension until April 29, 2024, to respond to Ripple's claims. Then Ripple will reply within 3 business days.
Binance founder likely to face prison sentence
Furthermore, as a follow-up to Binance's AML scandal, recent reports suggest that Binance's founder Changpeng Chao, also known as “CZ”, could be sentenced to 36 months in prison. In a court filing on Tuesday, April 23, US prosecutors declared that “CZ” faces 36 months in prison for violating anti-money laundering laws (AML) on US grounds. did.
Chao, who resigned as Binance's CEO last November, is awaiting a final verdict on April 30th. This development has garnered further attention across the crypto industry and highlights the complexities within the industry.
Meanwhile, lawyers argued in a sentencing memorandum filed on behalf of Binance's former CEO that Chao should be sentenced to probation. This further created a frenzy across the global cryptocurrency horizon.
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Shiba Inu moves forward with virtual currency venture
Shiba Inu, the self-proclaimed Dogecoin killer, made major strides in its cryptocurrency venture this week, marking impressive developments within its ecosystem. In particular, the dog-themed meme token eliminated plans to introduce a layer 3 blockchain, further revolutionizing meme coin crypto development.
Layer 3 blockchain is primarily the result of a collaboration between Shiba Inu and Zama City. Additionally, users of the Shiba Inu ecosystem are optimistic as rumors are circulating in the market that L3 is his FHE (Fully Homomorphic Encryption) based blockchain.
In the meantime, the Shiba Inu community has also revealed that it plans to introduce a hard fork to Shibarium, with the aim of facilitating faster block processing and more predictable transaction fees.
These chronicles appear to have gained a lot of attention among crypto market traders and investors this week.
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