Miles Jennings, head of policy and regulation at a16z crypto, urged the U.S. Senate to advance the Digital Asset Market CLARITY Act, warning that the digital asset market still lacks safeguards comparable to traditional financial markets. Jennings said the bill would require digital asset brokers, dealers, and exchanges to adopt customer asset segregation, qualified custody, information disclosure, and insider trading restrictions, while clarifying regulatory boundaries between the SEC and CFTC. He warned that with stablecoin supply above $300 billion and tokenized assets exceeding $30 billion in market value, another market collapse could have a larger impact than FTX if the Senate does not act.