News/Cointelegraph/ A fresh wave of crypto developments marked today’s news cycle. Crypto analysts predict that the ongoing trade wars will continue to apply pressure on the crypto market until April. In other news, Tether, a prominent stablecoin issuer, is in talks with a Big Four accounting firm, aiming to undergo its first full-scale financial audit. Additionally, the US Treasury Department has officially delisted the crypto mixer Tornado Cash from its sanctions roster.
Trade Wars to Pressure Crypto Markets till April: Analysts
Despite numerous positive crypto-specific developments, the crypto markets will remain under the shadow of global tariff fears at least until April 2, says Nicolai Sondergaard, a research analyst at Nansen. Risk assets may lack clear direction until tariff-related issues are settled, which could occur between April and July, according to Sondergaard, potentially creating a positive market catalyst. President Trump’s reciprocal tariff rates are due to take effect on April 2, contradicting earlier statements by Treasury Secretary Scott Bessent that hinted at a possible delay.
Tether in Talks with Big Four for First Full Financial Audit: Report
Tether is reportedly in discussions with a Big Four auditing firm to conduct a comprehensive audit of its asset reserve and confirm the 1:1 backing of its USDT stablecoin. Paolo Ardoino, Tether’s CEO, expects the audit process to be smoother under the pro-crypto US President Donald Trump, amidst growing concerns about a possible FTX-style liquidity crisis for Tether due to its absence of third-party audits. Ardoino expressed optimism about Tether’s audit, but he refrained from naming the Big Four auditing firm—PwC, EY, Deloitte, or KPMG—with which Tether plans to collaborate.
Tornado Cash Removed from US Sanctions List
The US Treasury Department has officially removed Tornado Cash, a crypto mixer, from its sanctions list. This decision follows a January ruling by a US appeals court which indicated that the Treasury’s Office of Foreign Assets Control (OFAC) cannot sanction Tornado’s smart contracts as they do not belong to any foreign national. The Treasury announced on March 21 that OFAC has removed several dozen Ethereum-based smart contract addresses affiliated with Tornado from its sanctions list. Tornado’s native token, Tornado Cash (TORN), surged by around 60% on this news, with a market cap of approximately $73 million and a fully diluted value of nearly $140 million, according to CoinMarketCap data.
