Senator Cynthia Lummis is advocating for the CLARITY Act, arguing that its significance extends beyond crypto regulation to consumer safety and the future of digital-asset legislation. The proposal would require disclosures intended to help customers safeguard their assets if a broker enters bankruptcy, addressing risks highlighted by the collapse of FTX and losses suffered by its customers. Democrats voted against the proposed protections, intensifying debate in Washington as Lummis calls for urgent action on a digital-asset regulatory framework. The broader crypto market is showing mixed signals, while industry stakeholders remain concerned that future bankruptcies could expose customers to similar risks amid a lack of regulatory clarity.