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#ChangpengZhao could serve time in the same facility as ‘crypto-anarchist’ Jim Bell A U.S. federal prisons expert has cautioned that the former CEO of Binance, if convicted and incarcerated, could be vulnerable to "theft and extortion" from fellow inmates. Changpeng "CZ" Zhao, the ex-CEO, has petitioned a federal judge to consider probation following his guilty plea to money laundering charges. His legal team has presented multiple declarations in support of this request, including one proposing that he serve any potential sentence at the Federal Detention Center (FDC) SeaTac in Washington. In a filing dated April 23 in the U.S. District Court for the Western District of Washington at Seattle, Robert Palmquist indicated it was highly likely that Zhao would be housed at FDC SeaTac if sentenced to prison. Palmquist, who served as warden at the facility from 2003 to 2009, described it as having minimal natural light and being understaffed given its inmate population. Palmquist expressed concerns that Zhao's wealth and public status would make him a target for threats to his physical and mental well-being, including theft and extortion. He noted that Zhao's lack of experience with the prison system and financial resources could make him vulnerable to manipulation by other inmates. FDC SeaTac, located just south of the Seattle-Tacoma International Airport and housing 794 inmates according to its website, has previously held individuals such as a Proud Boys member charged in connection with the Jan. 6, 2021, Capitol attack and Jim Bell, a 'crypto-anarchist' charged with tax evasion in the 1990s related to 'Assassination Politics': a concept promoting anonymous payments for individuals to order the killing of government officials. Zhao's lawyers submitted letters from supporters in plea for leniency, as U.S. guidelines suggest a 12 to 18-month sentence for the charge. Prosecutors, however, seek a three-year prison term and a $50 million fine. Source - cointelegraph.com #CryptoNews🔒📰🚫 #BinanceSquareTalks

#ChangpengZhao could serve time in the same facility as ‘crypto-anarchist’ Jim Bell

A U.S. federal prisons expert has cautioned that the former CEO of Binance, if convicted and incarcerated, could be vulnerable to "theft and extortion" from fellow inmates.

Changpeng "CZ" Zhao, the ex-CEO, has petitioned a federal judge to consider probation following his guilty plea to money laundering charges. His legal team has presented multiple declarations in support of this request, including one proposing that he serve any potential sentence at the Federal Detention Center (FDC) SeaTac in Washington.

In a filing dated April 23 in the U.S. District Court for the Western District of Washington at Seattle, Robert Palmquist indicated it was highly likely that Zhao would be housed at FDC SeaTac if sentenced to prison. Palmquist, who served as warden at the facility from 2003 to 2009, described it as having minimal natural light and being understaffed given its inmate population.

Palmquist expressed concerns that Zhao's wealth and public status would make him a target for threats to his physical and mental well-being, including theft and extortion. He noted that Zhao's lack of experience with the prison system and financial resources could make him vulnerable to manipulation by other inmates.

FDC SeaTac, located just south of the Seattle-Tacoma International Airport and housing 794 inmates according to its website, has previously held individuals such as a Proud Boys member charged in connection with the Jan. 6, 2021, Capitol attack and Jim Bell, a 'crypto-anarchist' charged with tax evasion in the 1990s related to 'Assassination Politics': a concept promoting anonymous payments for individuals to order the killing of government officials.

Zhao's lawyers submitted letters from supporters in plea for leniency, as U.S. guidelines suggest a 12 to 18-month sentence for the charge. Prosecutors, however, seek a three-year prison term and a $50 million fine.

Source - cointelegraph.com

#CryptoNews🔒📰🚫 #BinanceSquareTalks

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👉👉👉 Saylor predicts #SEC will designate #Ethereum as a security and deny spot ETF applications this summer During a presentation at the MicroStrategy World 2024 conference on May 2, #MichaelSaylor , executive chairman and co-founder of MicroStrategy, shared his belief that the SEC will classify Ethereum as a security this summer. He also predicted that spot ETF applications related to Ethereum, including those filed by asset managers like BlackRock, will be rejected by the SEC. Saylor further speculated that other cryptocurrencies "down the stack," such as $BNB , Solana ($SOL ), $XRP , and Cardano (ADA), will also receive an unregistered security designation. In his statement, Saylor emphasized his conviction that Bitcoin (BTC) alone has achieved full institutional acceptance, referring to it as the "one universal" institutional-grade crypto asset. He asserted that there won't be another crypto asset like Bitcoin embraced by Wall Street. These remarks from Saylor follow MicroStrategy's recent announcement of adding $1.65 billion of BTC to its corporate holdings in the first quarter and the unveiling of its Bitcoin-based decentralized identity (DID) product. Regarding Ethereum, initial optimism about the approval of spot Ethereum ETFs has waned in recent weeks. The odds of approval, as indicated by Polymarket, have plummeted to a mere 11%. Analysts have adjusted their expectations accordingly, from over an 80% chance of approval to less than 30%. The SEC faces a critical decision on May 23 regarding VanEck's proposed ETF, along with other similar applications. There's anticipation for the SEC to clarify Ethereum's classification as a security. Consensys aims to push for ETH not being labeled as a security in a legal case. US lawmakers are also seeking clarity, particularly in relation to Prometheum. A clear designation for ETH could guide companies in handling the asset but might also affect product approvals like a spot ETF and companies' decisions on involvement without proper registration. Source - cryptoslate.com 
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