a16z Executive Warns of Second FTX Crisis Without CLARITY Act Passage

a16z Crypto Policy Lead and Legal Counsel Miles Jennings has urged the U.S. Senate to advance the CLARITY Act. He warned that nearly four years after the FTX collapse, basic regulatory frameworks including customer asset segregation, qualified custody, transparency requirements, and conflict-of-interest restrictions remain insufficient. Jennings emphasized that as digital asset markets have already expanded into mainstream finance, failure to act now could lead to an even larger crisis.