Author: Monicah W

Bitcoin’s price rose 2.6% on Sunday, March 23, crossing the $86,000 mark after a three-day consolidation around $84,000. With growing market optimism following the recent Fed rate pause, speculative BTC traders deployed increased leverage over the weekend. Will BTC advance above $90,000, or will it reverse to $80,000 in the week ahead?

Bitcoin (BTC) Retakes $85,500 After Three-Day Consolidation

After a prolonged consolidation phase, Bitcoin (BTC) made a major recovery bounce on Sunday. Following Trump’s appearance at Blockworks’ Digital Asset Summit, many short-term traders opted to take profits on their BTC holdings.

Despite the decline, Bitcoin continues to find buyers, as the recent U.S. Fed rate pause announced on Wednesday prompted macro-sensitive capital to flow toward risky assets.

Bullish tailwinds from the Fed rate pause counteracted the downward pressure from profit-taking, leading to a three-day stalemate at the $84,000 level since Thursday.

However, as sell-side pressure subsided, BTC price recorded a major breakout above $86,000 on Sunday, March 23. The chart above shows how BTC rose 2.6%, hitting a daily peak of $85,600.

BTC Options Volume nears $800M as Whales Return After Fed Rate Pause

Bitcoin price demonstrated remarkable resilience consolidating around $84,000 over the past three days, as macro-sensitive institutional investors reassess their stance on U.S. economic policies.

Earlier this month, fears of inflationary pressure from Trump’s proposed tariffs triggered a cautious retreat from risk assets, including Bitcoin. However, with recent CPI and PPI reports showing inflation cooling and the Federal Reserve opting to pause rate hikes, large investors appear to be re-entering the market.

This shift in sentiment is reflected in broader financial markets. The S&P 500 surged by 32 points following the Fed rate pause, signalling renewed risk appetite. As Bitcoin mirrors this trend, it has seen a sharp uptick in speculative trading activity from large investors.

Validating this stance, Coinglass derivatives market data shows BTC’s options trading volume skyrocketed 24% in the last 24 hours, pushing total volume above $793 million.

What Does 24% Options Trading Surge Mean for Bitcoin Price Action This Week?

Options trading is a derivatives market strategy that allows traders to bet on the future price movements of an asset without directly purchasing it. This technique is particularly popular among institutional investors and whales because leverage enables traders to control large positions with relatively small capital, amplifying returns, especially during periods of market volatility.

Given that options trading volume surged 24% over the last day, it suggests that whales and institutional investors are taking bullish positions on BTC’s near-term price movements.

Why is BTC Options Volume Rising?

The renewed interest in BTC options trading aligns with key macroeconomic narratives:

• Fed Rate Pause Fuels Risk Appetite – With the Fed pausing rate hikes, liquidity-sensitive assets like Bitcoin become more attractive.
• S&P 500 Rally Indicates Broader Market Confidence – TradFi investors reallocating capital to stocks may also be expanding exposure to BTC.
• Altcoin Season Rotation – With BTC holding steady above $85,000, traders are betting on volatility to capture short-term gains.

Bitcoin Price Forecast: Data Supports Bullish Outlook, But $90K Flip Unlikely

Beyond options trading, other key metrics reinforce a positive BTC outlook for the week ahead:

• Open Interest Rose 3.88% to $54.04B – A sign that new capital is entering the derivatives market.
• Long/Short Ratio at 1.28 on OKX & 1.2217 on Binance – Indicates more traders are placing long bets.
• Liquidations Favor Shorts – Over the last 12 hours, $14.2M in short positions were wiped out, compared to just $2.82M in longs.

With Bitcoin showing strong demand above $86,000 and institutional investors actively positioning through options, a bullish breakout toward $90,000 remains a distinct possibility. However, signals on the daily Bitcoin price forecast charts below suggest the rally could face significant resistance below the $90,000 mark.

Despite these bullish signals, the technical chart presents a nuanced picture. While Bitcoin has reclaimed $85,600, the looming death cross—where the 50-day moving average trends below the 200-day moving average—remains a cause for concern. This bearish formation suggests that unless BTC can decisively break above $87,200, a retracement toward the $80,000 region remains plausible.

Bulls must clear this key resistance zone to sustain momentum toward $90,000. If BTC fails to establish support above $87,200, bears could regain control, triggering a potential pullback.

The post Bitcoin Price Faces Major Risks at $90K Zone as BTC Options Volume Nears $800M appeared first on CoinGape.

The post IMF Includes Bitcoin in Global Standards – Dennis Porter Clears Up ‘Digital Gold’ Confusion appeared first on Coinpedia Fintech News

Recently, the IMF (International Monetary Fund) has updated its balance of payments standards to account for the increasing importance of digital assets. For the first time, cryptocurrencies like Bitcoin (BTC) are officially recognized in global economic reports.

However, this sparked a wave of discussion in the crypto community where many claimed that the IMF had referred to Bitcoin as “digital gold.”This quickly caught the attention of many in the space, fueling debates and speculation across social media. However, Dennis Porter, a well-known voice in the space, quickly questioned this interpretation, asking, “Can anyone point to exactly where the IMF says Bitcoin is ‘digital gold’?”

Dennis Clarifies The Confusion

After diving into the IMF’s statement, Dennis clarified the source of the confusion. The IMF actually referred to Bitcoin as a “new digital asset designed to be used as a means of payment or act as a store of value.”

Ok I’ve tracked down why people are claiming the IMF said Bitcoin is digital gold.

“new digital assets designed to be used as a means of payment or act as a store of value.”

This is a massive stretch to jump to:
“IMF says bitcoin is digital gold”.

The key phrase is… https://t.co/2bWMbIdRgK pic.twitter.com/wEm7ht62CZ

— Dennis Porter (@Dennis_Porter_) March 23, 2025

He remarked that the phrase “designed to be” is crucial here and it doesn’t necessarily mean that the IMF is officially endorsing Bitcoin as “digital gold” or guaranteeing its stability or value like gold. It’s more about recognizing Bitcoin’s potential, not confirming it as a proven asset. The “store of value” idea for Bitcoin is debated due to its volatility. Unlike gold, which has a long history of stability, Bitcoin’s price can fluctuate significantly.

IMF Provides Guidelines on Tracking Digital Assets

The IMF’s latest update to the Balance of Payments Manual (BPM7) now includes cryptocurrencies like Bitcoin (BTC) in its global economic framework. This is the first time the IMF has provided clear guidelines on how digital assets should be tracked in global financial stats, marking a big step for crypto in the financial world.

Cryptos like Bitcoin are classified as non-productive capital assets, while stablecoins are treated as financial instruments. The update also changes how cross-border crypto transactions, staking, and mining are tracked, with mining and staking now recorded as services in a country’s computer services exports/imports.

This update is a big step in officially recognizing digital assets as part of the global economy, helping to track and regulate them better in the future.

The post IMF Includes Bitcoin in Global Standards – Dennis Porter Clears Up ‘Digital Gold’ Confusion appeared first on Coinpedia Fintech News
Recently, the IMF (International Monetary Fund) has updated its balance of payments standards to account for the increasing importance of digital assets. For the first time, cryptocurrencies like Bitcoin (BTC) are officially recognized in global economic reports. However, this sparked a wave of discussion in the crypto community where many claimed that the IMF had …

The post Coinbase CLO Slams U.S. Treasury for Avoiding Final Ruling in Tornado Cash Case appeared first on Coinpedia Fintech News

On Friday, the U.S. Treasury lifted sanctions on crypto mixer Tornado Cash, a crypto firm accused of helping launder over $7 billion for cyber criminals, including North Korean hackers. In 2022, the Treasury blacklisted Tornado Cash for its role in laundering $455 million stolen by the Lazarus hacking group.

The Move Sparks Criticism From Grewal

But the move has sparked strong backlash. In a latest X post, Coinbase’s Chief Legal Officer, Paul Grewal, has publicly criticized the U.S. Treasury for its handling of Tornado Cash’s delisting. He argues that the Treasury is wrongly trying to avoid a final court decision.

Grewal is criticizing the U.S. Treasury for continuing legal actions against Tornado Cash, even after it was removed from the Specially Designated Nationals (SDN) list. The Treasury now claims that a final court decision is unnecessary, but Grewal argues that this is against legal procedures.

Relying on that decision, the Fifth Circuit rejected an agency’s argument that its withdrawal of a determination “unilaterally and avoid judicial review” did not moot the case, because the agency could decide to revisit the decision and issue a similar determination against the…

— paulgrewal.eth (@iampaulgrewal) March 23, 2025

He shared that this is only valid if the defendant can prove the issue won’t happen again. He also mentioned past cases where sanctions were lifted but the case stayed open, allowing them to be reimposed later.

“Here, Treasury has likewise removed the Tornado Cash entities from the SDN, but has provided no assurance that it will not re-list Tornado Cash again.  That’s not good enough, and will make this clear to the district court,” noted Grewal.

Grewal’s criticism comes during a long legal battle where Tornado Cash users challenged the Treasury’s decision to add the mixer to the SDN list. The users argued that the smart contract didn’t qualify as property under the International Emergency Economic Powers Act (IEEPA) because it’s non-erasable. 

Although the court sided with the users, clarifying the status of the Tornado’s smart contract, despite this, Grewal criticized the Treasury for not fully following the court’s ruling.

Coinbase, Ethereum Foundation Back Tornado Cash

Tornado Cash has been supported by groups like Coinbase and the Ethereum Foundation, which are backing lead developer Alexey Pertsev’s defense. The legal battle has been intense, with supporters claiming the Treasury’s actions were unfair and lacked clear legal grounds. 

Lifting the sanctions against Tornado Cash is an important step in the ongoing debate over how crypto mixers should be regulated. The Treasury lifted them after reviewing legal issues but still expressed concern over North Korea’s use of digital assets for hacking and money laundering.

The post Coinbase CLO Slams U.S. Treasury for Avoiding Final Ruling in Tornado Cash Case appeared first on Coinpedia Fintech News
On Friday, the U.S. Treasury lifted sanctions on crypto mixer Tornado Cash, a crypto firm accused of helping launder over $7 billion for cyber criminals, including North Korean hackers. In 2022, the Treasury blacklisted Tornado Cash for its role in laundering $455 million stolen by the Lazarus hacking group. The Move Sparks Criticism From Grewal …

The post Pi Coin Price Prediction: Can Pi Network Hit $2 Despite Binance Blow? appeared first on Coinpedia Fintech News

The crypto market experienced another busy week, with major events shaking up the landscape. The U.S. Federal Open Market Committee (FOMC) made its decisions, and the long-running XRP lawsuit was finally resolved, bringing relief to the community. However, the Pi Network faced some tough challenges. 

The migration and Know Your Customer (KYC) process are now complete, but many users were unable to claim their tokens. As a result, Pi fell behind the market, leading to doubts about whether now is a good time to buy. 

Among the top 100 cryptocurrencies, Pi was the worst performer last week, losing more value than the rest. A big blow came when Binance refused to list Pi. They stated that any token not listed on the Binance Smart Chain is not eligible for a vote, disqualifying Pi from consideration.

What’s Next For Pi Coin Price?

The Pi token dropped below the $1 mark, after hitting an all-time high of $3 following its Open Network launch on February 20. It hit the lows of around $0.70, leaving many investors uncertain about the future. However, it has now bounced back, trading at around $0.96. Despite the downturn, analysts are spotting potential for a rebound and there are signs that a breakout could happen. If the support level holds strong, Pi could push back toward $2.

The trading volume saw an initial spike but later declined, showing that sellers are currently in control, weakening the momentum of buyers. Ater a 3% drop, the price is approaching the critical $0.70 support level, and if this breaks, it could lead to further drops, potentially down to $0.50 or $0.10.

On the bright side, if Pi reclaims the $1 level, it could trigger an upward move toward $1.20, offering hope for a recovery.

The post Pi Coin Price Prediction: Can Pi Network Hit $2 Despite Binance Blow? appeared first on Coinpedia Fintech News
The crypto market experienced another busy week, with major events shaking up the landscape. The U.S. Federal Open Market Committee (FOMC) made its decisions, and the long-running XRP lawsuit was finally resolved, bringing relief to the community. However, the Pi Network faced some tough challenges.  The migration and Know Your Customer (KYC) process are now …

Dogecoin (DOGE) has been experiencing a period of consolidation, but some analysts are predicting a potential price rally to $20. Despite recent challenges in the market, including heightened volatility, some believe that the top meme coin could see significant upward movement soon. 

According to crypto analyst Ali charts, the current market structure and on-chain data suggest that a breakout could be imminent, potentially setting the stage for a dramatic rise in Dogecoin price.

Dogecoin Price Market Trend, DOGE Rally Looming?

Dogecoin has remained in a tight consolidation range since March 11, trading between $0.16 and $0.18. This range has become a critical battleground, with investors waiting for clear direction. On-chain data, however, paints a different picture. Over the past week, DOGE whales have accumulated over 120 million Dogecoin, signaling a possible shift in market sentiment.

Despite the sideways movement in price, this accumulation trend suggests that large holders are positioning for a potential price surge. Analysts believe that this increased whale activity could be the foundation for a future rally. 

If the meme coin manages to break through the $0.18 resistance zone, it could potentially trigger the next phase of its upward trend. According to some analysts, this could eventually lead to the much-anticipated $20 target, although the timing and specific market conditions remain uncertain.

Fibonacci Levels and Trend Channel Support

Dogecoin price chart shows that the meme coin has established an upward trend. This pattern has been there since early 2015 and has shown long-term sustainability in terms of support. DOGE price is at the mid-market trend at the moment and if the support trend line holds, it can continue an upward movement.

Besides the trend channel, the price of Dogecoin is currently hovering close to the 0.5 Fibonacci level that has served more or less as a support and resistance level. A move above the 0.618 level could signal a bullish continuation, with some analysts like Ali charts predicting a price increase toward higher levels. If this trend holds, the path toward a $20 price target may become more feasible.

Whale Accumulation as a Bullish Signal

On-chain data from analysts such as Ali Martinez highlights the recent surge in DOGE whale activity. Over 120 million Dogecoin has been accumulated in just one week, a sign that large holders are positioning themselves for a potential rally. Whale behavior is a key indicator in predicting future price movements, and this accumulation trend suggests growing confidence in Dogecoin’s prospects.

Many analysts believe that if the price breaks through key resistance levels, such as the $0.18 zone, Dogecoin could see upward movement. The current accumulation of whales is a supportive factor for this potential rally. 

Concurrently, another analyst Kevin, according to his forecast, Dogecoin price is currently at a crucial support level, holding around $0.139, which serves as the last line of bull market support. The weekly demand candle from last week signals potential strength, but maintaining this level is key as the 3-day MACD, weekly Stoch RSI, and 2-week Stoch RSI approach full resets. 

If the top meme coin loses $0.139 on weekly closes, it could signal downside risk, but the risk-reward ratio remains highly favorable for traders looking to enter. With Bitcoin holding above $70K, this setup suggests Dogecoin price could be gearing up for a strong upside move.

The post Analyst Predicts Dogecoin Price Rally To $20, Here’s When appeared first on CoinGape.

While BlackRock holds a clear lead over the tokenized money market fund, Fidelity Investments is keen on closing the gap. Fidelity’s latest play is a filing to the US Securities and Exchange Commission (SEC) to tokenize its USD money market fund.

Fidelity Files Paperwork With The SEC For Ethereum-Based Fund Tokenization

According to a filing to the SEC, Fidelity is seeking the registration of a tokenized version of its money market fund. Dubbed the Fidelity Treasury Digital Fund, the firm is eyeing the registration of an Onchain share class for the fund.

Per the filing, the transfer agent will be blockchain technology with the fund name-checking the Ethereum network. Despite leaning on Ethereum, Fidelity’s filing suggests a future expansion to other blockchains in the future.

The filing reveals that the tokenized fund will not invest in any cryptocurrencies but 99.5% will go to US Treasury securities and cash. At the moment, 80% of the fund’s assets are in US Treasury securities with interest payable upon maturity.

The latest filing follows an application to introduce staking in Fidelity’s Ethereum ETF. In Q4 of 2024, Fidelity waded into blockchain-based funds via a filing with the SEC to catch up to BlackRock.

How Will A Blockchain-based Fund Operate?

Details from the SEC filing revealed that the Ethereum blockchain will be used for secondary recording, augmenting the book-entry form. However, investors in the Fund will be required to have a top blockchain wallet to hold the OnChain class shares.

While the filing does not expressly mention a secondary trading market for OnChain class shares, Fidelity hints at the potential peer-to-peer trading of shares on the blockchain.

“The fund has no current agreement to make OnChain class shares available for trading in a secondary market but may enter such an agreement in the future,” read the filing.

Ethereum Price Gains In The Wake Of The Report

The report of Fidelity with its nearly $6 trillion assets under management tapping Ethereum for tokenization has created a stir in the ecosystem. Ethereum’s price climbed by nearly 2% to trade at just above the $2,000 mark.

ETH has its eyes on a key resistance level that could push Ethereum’s price to $1,700 in the coming days. A slew of negative reports have hit Ethereum in recent days with Standard Chartered slashing its ETH prediction for 2025 by 60%

The post Fidelity Files For Tokenized US Dollar Money Market Fund On Ethereum appeared first on CoinGape.

Altcoins have been attracting investor attention this weekend, with Bitcoin and Ethereum prices stagnating around $85,000 and $2,000, respectively, since Friday. Prominent crypto analysts have published data insights showing investors are increasingly rotating capital toward altcoins after recent U.S. macroeconomic updates.

Analysts Predict Altcoin Season as Fed Rate Pause Triggers Risk-On Appetite

The altcoin market had a rough start to March 2025 when U.S. President Donald Trump announced new tariffs on Canada and Mexico. However, the macroeconomic landscape has since improved. The Trump administration made adjustments to the tariffs, while U.S. CPI and PPI data indicated that inflation risks from the tariffs were overestimated.

This shift in sentiment was further reinforced after the latest Federal Open Market Committee (FOMC) meeting on Wednesday, where the U.S. Federal Reserve announced a pause in interest rate hikes.

Traditional finance (TradFi) investors reacted by moving capital out of safe-haven assets like gold and into stocks, pushing the S&P 500 up by 31.7 points last week.

Crypto markets appear to be following suit, with traders increasingly rotating funds from Bitcoin and Ethereum into altcoins.

Crypto Analysts Signal Imminent Altcoin Breakout

Adding to the growing optimism around altcoins, two major crypto analysts took to social media to highlight technical indicators pointing to an incoming “Alt Season”—a market phase where altcoins significantly outperform Bitcoin.

 “2025 #ALTSEASON starts in less than 3 days now,” alongside a chart illustrating past cycles of altcoin dominance relative to Bitcoin.

Crypto analyst Sensei (@SenseiBR_btc) made a bold declaration, March 21, 2025 ,

 

The accompanying chart showed clear historical patterns where altcoins surged against Bitcoin, with a third major rally seemingly about to begin.

In response, OBI Real Estate (@Obirealestate) weighed in on the discussion, adding, “Markets are buzzing, timing will be everything.”

Key Takeaways: Why This Weekend Matters for Altcoins

Capital Rotation: With Bitcoin and Ethereum trading sideways, traders are diverting funds toward altcoins, anticipating stronger returns.

Macro Trends: Improved inflation outlook and the Fed’s rate pause have boosted risk-on sentiment across global markets.

Technical Indicators: Historical charts from top analysts suggest that the long-awaited Alt Season could be days away from starting.

As traders look ahead, this weekend may present a critical window of opportunity to accumulate promising altcoins before a broader market breakout.

3 Top Trending Altcoins to Watch in the Week Ahead

Bitcoin (BTC) has surged past the $85,000 mark, signaling strong market sentiment despite a slight 0.9% decline in global crypto market cap over the past 24 hours. While BTC’s resilience suggests growing confidence, a look at broader market trends reveals that large-cap altcoins remain stagnant, while smaller-cap assets are seeing significant moves.

Ethereum (ETH) remains subdued at $2,000, showing only a 0.5% gain in 24 hours. Similarly, Cardano (ADA) and Binance Coin (BNB) also moved sideways, conslidating at the $0.70, $620 respectively, while Solana (SOL), trading at $132 leads the top 10 assets with a 2.4% gain.

However a closer look at the Coinmarketcap above shows low-cap altcoins, are attracting significant search traffic, a move that could attract further capital inflows in the coming trading seesions.

1. Trump Memecoin (Official Trump) – Political optimism fuels rally

The Trump-themed memecoin is trading at $11.81, up 5.9% in the last 24 hours, making it one of the most notable gainers. This rally alligns with improved sentiment surrounding recent U.S. policy discussions and Trump’s appearance at the Blockwork’s Digital Assets Summit, last week.

With increasing political relevance and heightened social media buzz, this token is one to watch closely. A break above key resistance levels in the coming days could drive further gains.

2. Pi Network (PI) – Struggling to Break $1, But Buzz is Growing

Last week, PI endured major sell-offs as the network migration trigger mixed reactions among investors. However, Pi Network is now flashing recovery signals. At press time on Sunday, March 23, PI network price is facing strong resistance at the $1 mark, struggling to establish a breakout. However, with the token has become one of the most discussed assets in the last 24 hours, investor interest is evident.

If buying pressure continues and $1 resistance caves, a significant breakout could follow, making this an asset to monitor for a potential price explosion.

3. Wormhole (W) – Cross-Chain Demand Fuels Buying Activity

Ethereum’s native cross-chain bridge token, Wormhole (W) price, has surged 23.9%, driven by increased demand as investors rotate funds across chains.

The boost in market optimism, combined with the Fed’s recent decision to pause interest rate hikes, has further supported capital flows into decentralized finance (DeFi).

With more activity on cross-chain protocols, Wormhole’s demand could continue to rise, making it a strong candidate for further upside in the days ahead.

In Summary:

While Bitcoin’s dominance remains strong above $85,000, altcoins, particularly low-cap assets, are gaining momentum. The surge in Trump memecoin, Pi Network’s rising popularity, and Wormhole’s DeFi-driven gains all signal that the altcoin market could be gearing up for major moves. Traders should watch for key breakout levels as these assets continue to gain traction

The post 3 Altcoins to Buy This Weekend as Experts Predict Alt Season to Start Tomorrow: appeared first on CoinGape.

Bitcoin price is trading above $85K with on-chain indicators painting a rosy picture for the largest cryptocurrency. Apart from the charts, Bitcoin’s recent surge can be attributed to a streak of fundamentals, lining up the asset for a bigger rally.

Michael Saylor’s Strategy Hints At Bitcoin Purchase

The biggest needle mover for Bitcoin today is Michael Saylor hinting at a potential BTC purchase for Strategy. The Strategy CEO took to X to share his firm’s portfolio tracker, a precursor to new BTC purchases.

Historically, Saylor sharing his MicroStrategy portfolio tracker signals a potential BTC purchase by the firm. This time, Saylor’s post was accompanied by a caption saying, “Needs more Orange.”

At the moment, Strategy holds 499,226 BTC in its balance sheets, and acquiring more BTC will see it cross the 500,000 threshold. Last week, the firm unveiled a plan to raise $500 million to buy BTC via the sale of its preferred stock.

Armed with fresh capital, Strategy’s next Bitcoin purchase will have a profound effect on Bitcoin price.

A Wave Of Positive Fundamentals For Bitcoin

Bitcoin price is showing signs of optimism following whispers of Coinbase acquiring Deribit for $5 billion. After weeks of outflows, spot Bitcoin ETF inflows rose to $785 million, signaling strong institutional interest.

Since the tail end of February, new Bitcoin investors have gobbled up nearly 200,000 BTC with a chunk being institutional players. Key decisions by the Fed in last week’s FOMC meeting are bumping Bitcoin’s price along. The Fed’s decision to keep interest rates unchanged sent BTC charging by 3.5% with Arthur Hayes saying Bitcoin’s bottom formed at $77K.

A predicted rate cut in April is triggering bullish sentiments for a cross-section of BTC investors. The IMF is reportedly conferring digital gold status on BTC, whipping up a frenzy among investors.

On-chain And Technicals Portray Further Bullishness For BTC

While Bitcoin struggles to hold the $85K mark, daily trading volumes indicate bullishness at $11.96 billion. On the seven-day chart, BTC has climbed by nearly 3%, underscoring positive optimism for the asset.

A double-bottom reversal pattern at $78K and $76K is serving as confirmation for a march to $114K. Amid a wave of optimism, analysts say short-term hurdles for BTC price are behind the asset, setting the stage for an upswing.

The post BTC Above $85k: Why Is The Bitcoin Price Up Today? appeared first on CoinGape.

The US has lifted sanctions against crypto mixer Tornado Cash but the procedure has drawn widespread criticisms. Coinbase Chief Legal Officer (CLO) Paul Grewal has taken swipes at the US Treasury for its “botched” attempt at waiving the need for a final judgment.

Coinbase CLO Pokes Holes In US Treasury’s Latest Court Filing

In a strongly worded post on X, Coinbase CLO Paul Grewal railed against the US Treasury’s handling of Tornado Cash’s delisting from the sanctions list. According to Grewal’s disclosure, the US Treasury filed a pleading to moot the need for a final judgment on the matter.

In legal terms, a party to dispute can apply to moot a final judgment, arguing that the issue at hand is no longer significant or actionable. Following Tornado Cash’s removal from the Specially Designated Nationals and Blocked Persons (SDN) list, the US Treasury’s latest filing seeks to waive a final judgment on the case. Tornado Cash users have been in court, challenging the US Treasury’s decision to place the mixer on the SDN list.

However, Grewal argues that the filing runs contrary to established legal processes in the US. He notes a proper filing follows only if the defendant can show that the “practice cannot reasonably be expected to recur.”

The Coinbase CLO cited several legal precedents involving law enforcement agencies removing sanctions and not moving a case. He argues that without a final court judgment, law enforcement can review their decision to impose fresh sanctions at a future date.

“Treasury has likewise removed the Tornado Cash entities from SDN, but has provided no assurance that it will not re-list Tornado Cash again,” said Grewal.

A Protracted Legal Battle Against Authorities

The road toward the lifting of Tornado Cash’s sanctions was long and winding. A raft of  Tornado Cash users headed to court to protest the placing of the mixer on the SDN list. US authorities say the mixer played a principal role in laundering nearly $500 million worth of stolen digital assets by North-Korean backed Lazarus Group.

After notching a series of small wins in Court, Grewal criticized the US Treasury for failing to comply with a court ruling clarifying the status of Tornado Cash’s smart contract. The court ruled that the smart contract did not form property under the IEEPA as it is non-erasable.

Tornado Cash has received support from Coinbase with the Ethereum Foundation supporting the legal defense of lead developer Alexey Pertsev.

The post Coinbase CLO Criticizes The US Treasury Over Tornado Cash SDN Delisting Procedure appeared first on CoinGape.