When Celsius collapsed, its Earn customers learned that the crypto in their accounts belonged to the bankruptcy estate, not to them. Sen. Cynthia Lummis cast the CLARITY Act as a fix on July 20, boiling its promise down to four words.
“Your crypto stays yours.”
Her X post, which had drawn a lot of attention, said the CLARITY Act would change the outcome she associated with the failures of Celsius and Voyager.
Celsius is probably the best legal example because a federal court ruled directly on ownership of its Earn balances.
The May 12 Senate Banking manager’s substitute supports the direction of Lummis’s claim while attaching several conditions. Section 701 would put qualifying ancillary assets and digital commodities into federal…
