a16z executive warns of another FTX-style crisis without CLARITY Act

Miles Jennings, a16z Crypto’s head of policy and general counsel, urged the U.S. Senate to take up the CLARITY Act, warning that basic regulatory safeguards remain inadequate nearly four years after the FTX collapse. Jennings said rules covering customer asset segregation, qualified custody, disclosures and conflict-of-interest limits are still lacking, and warned that the next crisis could be bigger if lawmakers fail to act now as the digital-asset market has already expanded into mainstream finance.