Clarity Act ensures crypto deposits remain customer property, Cynthia Lummis notes

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Jose Antonio Gastelum

16 hours ago

Clarity Act ensures crypto deposits remain customer property, Cynthia Lummis notes — Clarity Act to protect crypto deposits

Cynthia Lummis, U.S. Senator at U.S. Senate, highlights challenges faced by Celsius and Voyager customers when the platforms went bankrupt. Customer deposits were pooled as assets for creditors, rather than remaining with the original owners.

She says the Clarity Act is designed to change these rules so that individual crypto deposits will be protected and remain the property of customers—even in bankruptcy scenarios.

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Lummis previously called for full Federal Reserve cooperation in the wake of the Silicon Valley Bank collapse. She has stated that more than 4 million people lost access to funds in 2022 due to crypto bankruptcies, with thousands left in legal proceedings, according to her earlier comments. The Clarity Act is positioned as a response to these events.

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