US Treasury Asks for Public Comments on Crypto Laws


The US Treasury Department requested public comments on the potential risks and benefits of crypto for future digital asset policy. According to the release, the request for public comments was under an executive order from President Joe Biden in March. This required several US agencies to develop policy recommendations for cryptocurrencies. The Treasury Department, among other agencies, was tasked with leading the way. Accordingly, 180 days had to submit recommendations. This aims to mitigate both systematic and consumer risk when it comes to cryptocurrency.

The Treasury’s undersecretary for domestic finance said digital assets could present potential benefits for consumers. For example, such as faster payments. However, it can also bring potential risks, including fraud. The Treasury Department explores to advance the knowledge of the market participants and the American people.

A request for public comment was first issued on July 8. Accordingly, interested parties are allowed to send comments until August 8. Specifically about what the consequences of the mass adoption of cryptos could be for both individuals and businesses. The US public was also asked to identify and describe the general risks of digital assets in current market conditions.

It is worth noting that last week the Treasury Department provided President Biden with a regulatory framework for cryptocurrency. This was developed in consultation with many government agencies. The framework aimed to encourage the development of digital assets while upholding core democratic values and ensuring the stability of the global financial system.

Crypto lender Celsius has removed all bets on Ethereum collateral. After fully paying off the USDC loan to Aave and sending it all to another address. The address appears to be Coinbase Custody’s after the CEO hinted that they bought stETH from the crypto lender at a discount. Meanwhile, pressure is mounting on Celsius to reveal its financial situation. Celsius fully repaid the USDC loan to Aave. It also removed 10,463 stETH collateral worth $11 million. Yesterday crypto lender Aave withdrew 400,000 stETH worth $416 million from an address. Aave’s wallet balance is $72,809.

The total debt is reportedly now down to $50 million. Celsius is now left with a hard loan of $50 million in DAI. There is also $3.20 million in fUSDC debt from Notional Finance. This should be covered by September. Interestingly, Celsius transferred this 410,513 stETH in two transactions to an unknown wallet address. The wallet has $435 million, 410,513.08 stETH worth. The CEO of Coinbase Custody implies in a tweet that they bought stETH from Celsius. According to him, 1 stETH can be redeemed for 1 ETH. stETH is already trading at a discount. Being able to buy at an even greater discount is an easy win.

Meanwhile, the Vermont Department of Financial Regulation has launched an investigation into the crypto lender. The firm has now joined other state securities regulators to investigate CryptoCredit’s decision to suspend customer withdrawals. Creditor refuses to disclose financial resources and loses $6 billion. It is worth noting that Celsius lost the $6 billion in aid it received after the firm failed to disclose financial details.

A shareholder proposed a recovery plan to Celsius; However, Celsius cannot be transparent about the company’s financial situation. Recently, the crypto lender hired a new law firm as part of a restructuring plan. Despite paying DeFi loans, the chance of Celsius going bankrupt is still high. Now the main focus is on Celsius. Will the company be able to overcome the crisis? At the same time, continue to function stably. The current light is very low to firm.




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