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Voyager customers didn’t just lose access to their app. They got in line behind banks, bondholders, and lawyers to maybe recover pennies on the dollar, years later, in bankruptcy court. That’s not how customer funds should work. The Clarity Act requires segregation so your assets never enter that fi
When Celsius and Voyager went bankrupt, customer deposits didn’t stay customer deposits. They became assets in a bankruptcy pool, fought over by creditors who had never even heard of the customers who owned them. The Clarity Act changes the rule so your crypto stays yours, even if the company fails.
🔥SEN. LUMMIS: CLARITY ACT PROTECTS CRYPTO CUSTOMERS IN BANKRUPTCY “When Celsius, Voyager, and FTX went bankrupt, customer assets were treated like corporate property instead of customer property. The Clarity Act fixes the rule that let that happen.” https://t.co/YDIt9Ji5vg
Phase one of crypto neobanks included Outlet Finance, Donut, Linus and a few others. The yield came from a mix of defi lending, centralized crypto lenders, token incentives and subsidized protocols like Anchor on Terra. Terra did not directly power all of them, but its collapse exposed how fragil
Mark Cuban, Dallas Mavericks face appeal over dismissed Voyager crypto case
Mark Cuban, Dallas Mavericks face appeal over Voyager case dismissal