Biden Administration Wants Crypto Exchanges to Separate Customer and Corporate Funds

“Instead of focusing on the lack of client asset segregation at digital asset exchanges, which is also true with securities held in ‘street name’ at DTCC, legislators should work on a Digital Asset Investor Protection Act that mirrors the Securities Investor Protection Act,” said Dave Weisberger, co-founder and CEO of CoinRoutes, Inc. It could give investors “primary status in bankruptcy proceedings,” and it could also set up a backstop fund to cover losses like the one securities investors have.