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U.S. Senator Lummis Updates CLARITY Act Proposal to Protect Customer Assets in Bankruptcy

Regulation & Policy

2026-07-24 12:49:28

According to BlockBeats, U.S. Senator Cynthia Lummis released an updated CLARITY Act proposal on July 24, requiring digital asset exchanges, brokers, and dealers to segregate customer assets and prohibiting platforms from using customer funds as their own property.

The updated proposal designates digital assets held by platforms for customers as "customer property" in bankruptcy proceedings, reducing the risk of users being classified as unsecured creditors.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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