July 23, 2026·Bullish·regulatory legal

Lummis Pushes Clarity Act for Crypto Asset Segregation

Senator Cynthia Lummis is promoting the Clarity Act, which would require customer crypto assets to be segregated from exchange funds in bankruptcy proceedings. The legislation aims to prevent situations like those faced by BlockFi and Genesis customers, whose account balances were treated as unsecured claims during bankruptcy.

Detected & updated continuously · Source: Nebula

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BlockFi (bfi)

@SenLummis

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BlockFi and Genesis customers learned a hard lesson: without clear rules, your account balance is really just an unsecured claim in a bankruptcy filing. The Clarity Act changes that math. Segregated customer assets don’t belong to the estate, they belong to those individuals.