There are certain rights you can't waive. But that aside, the issue at hand is what happens when there is a mistake in the smart contract, unintended by either

There are certain rights you can't waive. But that aside, the issue at hand is what happens when there is a mistake in the smart contract, unintended by either party? Who decides what happens? In this case IRON could even hypothetically claim (true or not) "nope, not a bug, the contract will stay in it's null indeterminate state, and in the meantime we'll be using that USDC as collateral for 30-year US treasury bonds. 2% isn't much, but it sure does add up nicely on $250+ million." Or something like that. I doubt that's how it will go down here, but it will take a human judgement call or agreement-- not a coded contract-- to resolve this.