Elizabeth Lopatto

He’s been listening to Mosely with his eyebrows up, forehead furrowed, at times frowning.

The government’s request is double the top end of the guideline range. Wouldn’t that create a disparity in sentencing? Mosley argues that the disparity is in the magnitude of the conduct, and because CZ is an individual who directed it.

“An outcome where a defendant makes a plan to violate US law, does so on a massive scale, makes extraordinary amounts of money” and then gets to go home to make money after getting caught means another rational actor might take that chance.

“The brazen nature of this conduct does require a sentence that includes a meaningful period of incarceration.” The scale of this crime is “magnitudes of order” greater than other offenses, Mosley says.

As a result of asking forgiveness, not permission, Changpeng Zhao made himself a billionaire and celebrity, Mosley says.

We are now going to hear from the government, then probation, then the defense. No one else will speak, as far as we know.

The prosecution is trying to get some enhancements on CZ’s sentencing. We will be sorting out this objection before we go farther.

We’re off!

We’re delayed until 9:30AM PT / 12:30PM ET.

He’s taking a seat with his legal team. Judge isn’t on the bench yet. CZ’s in a dark blue suit with a light blue tie, and he looks tense.