As the Senate Banking Committee convenes today, January 15, 2026, to mark up the Digital Asset Market Clarity Act, former SEC Chief Accountant Lynn Turner is urging lawmakers to strengthen the bill’s investor-protection backbone—arguing the draft, as written, is “severely deficient” and risks enabling “another FTX‑type fraud.”
The CLARITY Act—which uses House-passed H.R. 3633 as base text—aims to delineate the Securities and Exchange Commission’s (SEC) and Commodity Futures Trading Commission’s (CFTC) roles, set standards for stablecoins, and clarify treatment for decentralized finance (DeFi), and software developers.
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