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Cynthia Lummis: Clarity Act aims to protect crypto account holders in bankruptcies

Cynthia Lummis: Clarity Act aims to protect crypto account holders in bankruptcies
Clarity Act to secure crypto assets

Cynthia Lummis, U.S. Senator, Wyoming at U.S. Senate, highlights that recent bankruptcies at crypto firms BlockFi and Genesis have exposed risks for customers. She explains that, without clear rules, account balances may be treated as unsecured claims in bankruptcy proceedings. Lummis states that the Clarity Act will ensure segregated customer assets are protected and remain the property of individuals, not the bankruptcy estate.

Lummis has previously called for transparency following the collapse of Silicon Valley Bank. In 2022, she noted that over 4 million people lost access to funds because of crypto bankruptcies, with thousands ending up in court disputes. Lummis has promoted the Clarity Act as a response to these cases, aiming to protect customer assets in such proceedings.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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