Miles Jennings, Head of Crypto Policy at Andreessen Horowitz (a16z), urged the Senate to advance the CLARITY Act nearly four years after FTX collapsed, arguing that Congress has not established a comprehensive cryptocurrency regulatory framework to prevent similar fraud. He said FTX failed because customer assets were misused and basic protections were absent, including independent custody, separation of customer funds, disclosures and oversight. The bill would place digital-asset intermediaries, dealers and exchanges within a framework covering asset unbundling, qualified custody, related-party conflicts, mandatory disclosures, listing standards and limits on insider token sales. Jennings rejected claims that the legislation represents crypto deregulation, saying unclear US classifications for digital assets helped offshore platforms such as FTX expand. He also said the measure limits passive stablecoin yields and allows the U.S. Treasury Department to respond if capital outflows emerge. Stablecoin (token designed to track a stable asset) supply has topped $300 billion, while tokenized assets exceed $30 billion. With BlackRock, Fidelity, Franklin Templeton and Goldman Sachs investing in digital assets, Jennings said crypto is no longer a marginal financial sector. He called for durable congressional rules rather than policies changing with each administration and said the Senate will vote on September 15 on whether to begin deliberations on the CLARITY Act.