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US Senator Cynthia Lummis has released an updated draft of the CLARITY Act, which would require digital commodity exchanges, brokers, and dealers to segregate customer assets. The bill would prohibit platforms from using customer funds and assets as their own corporate property. Under the draft, digital commodities held by a platform for customers would be classified as 'customer property' in bankruptcy proceedings, reducing the risk of customers being treated as general unsecured creditors. The move aims to enhance protections for crypto users in the event of a platform's insolvency, addressing concerns raised by recent exchange failures.
