Ethereum News: US Treasury Lifts Sanctions on Tornado Cash, But Founder Still Faces Restrictions

In a significant development for the Ethereum ecosystem, the U.S. Treasury has lifted sanctions against Tornado Cash, a prominent mixing service. However, sanctions against one of its founders remain in place.

US Treasury Ends Sanctions Against Tornado Cash

The U.S. Treasury has ended its sanctions on Tornado Cash, a prominent mixing service for Ethereum, by removing associated addresses from the Specially Designated Nationals (SDN) list. The decision was made by the Office of Foreign Assets Control (OFAC). However, sanctions against one of Tornado Cash’s founders, Roman Semenov, remain in place. Tornado Cash was blacklisted by OFAC in 2022 for allegedly facilitating money laundering, including by the North Korean hacking group Lazarus. This move highlights the Treasury’s discretionary powers in managing sanctions.

Ethereum Price Prediction: Could $5K ETH Be Weeks Away?

Analysts view Ethereum as a central cryptocurrency due to predictions that the digital asset second only to Bitcoin might experience a momentous market surge. Several positive indicators suggest a rise toward the $5,000 ETH price level. However, experts predict Remittix (RTX) will outperform Ethereum’s most ambitious expectations. Ethereum has displayed strong resistance over the years, with previous market surges following technical structures. Observers have valid reasons to be optimistic due to the historical reliability of this trendline.

Fidelity Unveils Blockchain-based Treasury Fund

Fidelity Investments has registered a blockchain-based version of the U.S. dollar money market fund, the Fidelity Treasury Digital Fund (FYHXX), to enter the rapidly growing tokenized assets market. The OnChain share class of the fund will use blockchain technology to enhance transfers and settlements and will operate on the Ethereum network, although more blockchains could be added in the future. The registration awaits regulatory approval and the product is set to become effective on May 30. The tokenized U.S. Treasury market grew 500% over the past year, and Fidelity joins BlackRock and Franklin Templeton in tokenization efforts.

ETH Price Oscillates Near $2000 After An Underwhelming Week

ETH price action has been volatile this past week, moving below and above the $2,000 price level multiple times. The cryptocurrency managed to close the week slightly in the green but weak demand highlights uncertainty. It was the second week that ETH price avoided more downside, achieving a 7.54% upside during the week. However, it revealed a lot about the state of demand, with ETH gaining and losing the $2,000 price level multiple times.