Miles Jennings, head of policy and regulation at a16zcrypto, stated that the U.S. Senate should push for the passage of the Digital Asset Market CLARITY Act. Jennings noted that the risks exposed by the FTX collapse, such as customer asset segregation, custody, and information disclosure, are not complex, yet the current digital asset market still lacks regulatory protections akin to those in traditional financial markets. The CLARITY Act would require digital asset brokers, dealers, and exchanges to implement measures for customer asset segregation, qualified custody, information disclosure, and insider trading restrictions, while also clarifying the regulatory boundaries between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Jennings warned that with the supply of stablecoins exceeding $300 billion and the market value of tokenized assets surpassing $30 billion, if the Senate does not take action this time, the impact of the next market collapse could be greater than that of the FTX incident.