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Cynthia Lummis warns crypto users lack bankruptcy protections, pushes CLARITY Act forward

Crypto Briefing 2026-07-23 12:55:51
Context: Senator Cynthia Lummis is advocating for the CLARITY Act, which aims to provide bankruptcy protections for cryptocurrency users. The proposed legislation seeks to reclassify crypto deposits as customer property, addressing a current gap in protections. This effort is underway in the Senate committee.

Key Facts

  • Senator Cynthia Lummis is pushing the CLARITY Act through the Senate committee to address the lack of bankruptcy protections for cryptocurrency users.
  • The proposed legislation specifically aims to reclassify crypto deposits as customer property in the event of bankruptcy.
  • The CLARITY Act is being advanced to fix the current regulatory ambiguity surrounding cryptocurrency holdings and bankruptcy proceedings.
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