Miles Jennings, the head of policy and regulation at a16zcrypto, stated that the US Senate should push for the passage of the CLARITY Act for the Digital Asset Market. The bill requires digital asset brokers, traders, and exchanges to implement customer asset segregation, qualified custody, information disclosure, and insider trading restrictions, and clarifies the regulatory boundaries between the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Miles Jennings warns that the current supply of stablecoins has exceeded $300 billion, and the market value of tokenized assets has exceeded $30 billion. If the Senate does not take action, the impact of the next market crash may be greater than that of the FTX incident.
