Terra Investor Backs CLARITY Act as Lummis Seeks Customer Asset Protection
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A retail investor reported that LUNA became their largest holding and was sold near $10, underscoring heavy exposure before the token's failure. Senator Cynthia Lummis referenced Terra’s roughly $40 billion collapse while urging crypto customer asset protections and backing Section 701 to treat covered digital assets as customer property in Chapter 7 cases, signalling regulatory focus on custody and DeFi risk.
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- CharuSan said LUNA became the largest part of the portfolio before selling near $10.
- Lummis cited Terra’s roughly $40 billion collapse while promoting customer asset rules.
- Section 701 treats covered digital assets as customer property in Chapter 7 cases.
Terra’s collapse has returned to the U.S. crypto debate as lawmakers press for customer asset protections. X user CharuSan shared a personal account of investing heavily in LUNA before its failure.
Notably, Senator Cynthia Lummis separately cited Terra’s rough…
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