Ethereum News: Fidelity Launches US Treasury Fund on Ethereum, Marking Major Step in Traditional Finance On-Chaining

Fidelity Investments, a leading financial services company, has made a significant move in the world of cryptocurrency and traditional finance by filing with the Securities and Exchange Commission (SEC) to launch a US Treasury Fund on the Ethereum blockchain. This marks a pivotal moment in the integration of blockchain technology into traditional financial markets.

Fidelity Brings US Treasury Fund On-Chain via Ethereum

Fidelity has filed with the SEC to launch a US Treasury Fund on Ethereum, marking a major step in bringing traditional finance on-chain. The fund, expected to go live on May 30, will tokenize treasury assets, making them more accessible and efficient. This move highlights the growing institutional adoption of blockchain technology and signals increasing integration between crypto and traditional markets. If approved, it could pave the way for more tokenized financial products in the future.

Tornado Cash Sanctions Dropped, But Legal Fight Continues

Tornado Cash was removed from the U.S. Treasury’s SDN list on March 21 after a court ruled earlier sanctions unlawful. However, the U.S. Treasury now wants to dismiss the case, arguing that a final court judgment is unnecessary since the sanctions have been lifted. Coinbase’s Chief Legal Officer, Paul Grewal, disagrees, stating that without a final ruling, the government could reimpose sanctions later. Grewal demands a clear court judgment to prevent future actions by the Treasury.

U.S. Treasury Lifts Tornado Cash Sanctions, Faces Criticism from Coinbase CLO

The U.S. Treasury has lifted sanctions on crypto mixer Tornado Cash, which was blacklisted in 2022 for laundering over $7 billion, including funds linked to North Korean hackers. However, Coinbase Chief Legal Officer Paul Grewal has criticized the Treasury for sidestepping a court ruling on Tornado Cash and warned of potential legal uncertainties and reimposition of sanctions.

Whales Return To Ethereum As Analyst Predicts Pump to $3900

Is Ethereum the best altcoin to buy for the highly-anticipated second-quarter rally? Whale accumulation activity suggests so. The second-largest cryptocurrency has seen a flurry of buying activity from whales in recent days, pushing the ETH price to $2000 on Saturday, up 10% from its local bottom earlier this month. Prominent analysts are suggesting a strong likelihood of a bullish continuation in the coming weeks, as whale activity is an excellent indicator of upcoming price action among smart money investors.