Gate.io Blog Daily Flash | US Treasury Asks Public For Feedback On Crypto Framework, Most Major Cryptocurrencies In Red For 5th Consecutive Day

Daily Flash | US Treasury Asks Public For Feedback On Crypto Framework, Most Major Cryptocurrencies In Red For 5th Consecutive Day

13 July 09:11

Today's Headline - US Treasury asked the public to comment on its digital asset policy, following the President’s executive order

In a Tuesday announcement, the U.S. Treasury said it was asking for input from the public that will “inform its work” in reporting to the President on the possible implications of digital assets on the financial markets and payment infrastructures.

Biden’s executive order directed the Treasury Department to take the lead among other government agencies in developing policy recommendations aimed at mitigating both systemic and consumer risks around cryptocurrencies.

Nellie Liang, Under Secretary of the Treasury for Domestic Finance, has stated,

“For consumers, digital assets may present potential benefits, such as faster payments, as well as potential risks, including risks related to frauds and scams…The Treasury Department is seeking to benefit from the expertise of the American people and market participants by soliciting public comment as we engage in this important work.”

Liang has previously called on Congress to pass legislation around stablecoins, and worked to promote financial literacy of digital assets among people who have limited access to mainstream financial services.

Chart of the Day - Main Investment Categories of Tier 1 Crypto Funds

DeFi and blockchain infrastructure are one of the most popular categories among tier 1 funds' investment portfolios.

As of this writing, BTC dropped for the fifth consecutive day and was trading around $19,300, down 2.8% over the past 24 hours. Most major altcoins were also down, with ATOM declining by the most, down 6.2% over the past 24 hours. ETH was down 4.5%.

The Crypto Fear and Greed Index dropped six points to 16, the lowest in a week, yet it remains on the "extreme fear" side.

The U.S. equities market ended in negative territory on Tuesday as growing signs of recession kept investors out ahead of inflation data.

The market expects the central bank to raise the key Fed funds target rate by 75 basis points on Wednesday, which would be its third consecutive rate hike, totaling 2 percentage points.

CPI and other indicators suggest that while core inflation peaked in March, the long journey back to the Fed's average annual 2% inflation target has only just begun.

Influencer of the Day - 3AC co-founder returns to Twitter, blames liquidators for "baiting"

Su Zhu, co-founder of Singapore-based crypto venture capital firm Three Arrows Capital (3AC), returned to Twitter after nearly a month of inactivity.
In his tweet,

“Sadly, our good faith to cooperate with the Liquidators was met with baiting. Hope that they did exercise good faith wrt the StarkWare token warrants.”

The cryptic tweet from the co-founder comes days after 3AC filed for a Chapter 15 bankruptcy in a New York court after it failed to meet several margin calls from its lenders. The rumors about the firm’s insolvency began in June and later, a British Virgin Islands court-ordered liquidation of 3AC funds.

Buzzes of Yesterday - #Playboy Enters The Metaverse, #Terra projects band together to migrate to Polygon

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Sri Lanka central bank reiterates crypto warning following protestors seizing president's residence

Animoca Brands raises $75M to advance ‘open metaverse’ concept

A16z, Variant Lead $18M Round for Lending Protocol Morpho Labs

Playboy To Build First 'Metamansion' In The Sandbox

Major South Korean Telecom Company Plans Launch Of Blockchain Wallet

Celsius Pays Off Aave Loan, Moves $418M 'stETH' Stack to Unknown Wallet

Regulator Scrutiny Over Crypto Lender Voyager Intensifies

Terra projects band together in migration to Polygon ecosystem

Uniswap Liquidity Provider Hacked For $8 Million In Phishing Attack

Author: Gate.io Researcher Peter L.
This article represents only the researcher's views and does not constitute any investment advice. Gate.io reserves all rights to this article.
Reposting the article will be permitted provided Gate.io is referenced.
In all other cases, legal action will be taken due to copyright infringement.

BTC/USDT -0.03%

ETH/USDT -0.41%

MATIC/USDT + 1.94%

LUNA/USDT + 1.68%

ATOM/USDT -1.20%

SAND/USDT + 0.76%

CEL/USDT + 2.68%

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