Senator Cynthia Lummis (R-Wyo.) is emphasizing customer-asset protections as the Senate prepares for a planned September 15, 2026, procedural vote on the CLARITY Act. She said the bill would require qualified custodians (approved asset-holding institutions) and segregated customer funds, measures she linked to losses suffered in previous crypto exchange failures. Lummis has made a similar case since FTX collapsed in 2022, citing Wyoming rules that restrict banks and exchanges from relending customers’ digital assets. The CLARITY Act would establish a federal framework for digital-asset markets and divide regulatory responsibilities between the SEC (U.S. securities regulator) and CFTC (U.S. derivatives regulator), but it has not become law and could still change. The September 15 vote concerns cloture on the motion to proceed, meaning approval would open the bill to debate and amendments rather than represent final passage. Crypto industry executives, including Ripple CEO Brad Garlinghouse, have urged lawmakers to complete the legislation, while the National Sheriffs’ Association has shifted from opposition to neutral without endorsing the bill. House Financial Services Chairman French Hill and SEC Chair Paul Atkins said the measure could advance, although lawmakers remain divided over provisions and the Senate calendar narrows after September 17.