The CLARITY Act aims to protect client funds on crypto exchanges in the event of bankruptcy. 👀 Senator Cynthia Lummis emphasizes that currently, when an exchange fails, clients often have to compete with lawyers and other creditors for their assets. She believes the bill would change this mechanism and ensure that client funds are treated as their property. In practice, this would mean users would have priority in recovering their assets. Following events like FTX, this is one of the most critical components of crypto market regulation in the U.S. If it actually becomes law, it could significantly enhance exchange customer security... #CryptoTeam #cryptocurrencies #Bitcoin
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