September 15, 2026
“We want crypto regulation—however not a crypto invoice written by the crypto business to profit solely probably the most excessive voices within the crypto business—on the expense of our nationwide safety, our financial stability, and to assist probably the most corrupt President within the historical past of the USA make himself even richer.”
“I urge my Republican colleagues to return to the desk and negotiate an actual bipartisan crypto invoice. However till then, I urge my colleagues to vote no.”
Washington, D.C. – Right this moment on the Senate flooring, U.S. Senator Elizabeth Warren (D-Mass.), Rating Member of the Senate Banking, Housing, and City Affairs Committee, gave remarks on the Senate flooring forward of a procedural vote on the Republican-led Digital Asset Market Clarity (Clarity) Act.
Under are Rating Member Warren’s remarks as delivered:
Mr. President, I’ve come to the Senate flooring as we speak to oppose my Republican colleagues’ efforts to jam by the Clarity Act.
I imagine we are able to get crypto laws that each Republicans and Democrats can agree on. However not this invoice. This invoice poses an enormous threat to households, to our financial system, and to our nationwide safety.
We want crypto laws that stops political self-dealing, and I do know that many within the business agree that. However this invoice will turbocharge Donald Trump’s unprecedented corruption.
Donald Trump’s major marketing campaign promise was that he would decrease costs starting “on Day One.” His promise. His phrases. As a substitute, Trump’s tariffs, Trump’s perpetually conflict midway around the globe, Trump’s healthcare cuts, Trump’s closing cheaper clear vitality—Trump insurance policies are boosting up the associated fee of the whole lot from groceries to fuel to well being care to utilities goes up, up, up.
Whereas he’s elevating prices for working individuals, Donald Trump can be utilizing the Presidency to make himself richer. And he’s added crypto to his methods to money in.
As a substitute of doubling down on efforts to prosecute crypto scams and to dam terrorists and drug traffickers from utilizing crypto, Donald Trump has used his workplace to advertise crypto. He has talked up crypto. He’s held a crypto contest with the prize being dinner with the President. And he’s appointed crypto-friendly regulators.
And the cash has simply rolled in for him. Shortly earlier than he was sworn in as president the second time, Trump opened his personal crypto enterprise. And, boy, what a launch that man had. As he talked up crypto, the cash rolled in. In 2025 alone, Trump and his household raked in $1.4 billion from their crypto ventures. In truth, President Trump made extra from crypto final yr than any publicly traded crypto firm in America. There isn’t a one who has extra to achieve personally from this invoice than the President of the USA.
Okay, so Trump received large time on crypto. Who misplaced? The working individuals who adopted their chief. Individuals who purchased into Trump’s crypto ventures have misplaced billions of {dollars}. For instance, the followers who purchased Trump’s memecoins have misplaced almost $4 billion.
And Trump simply retains pumping up the crypto business. He has disbanded the DOJ’s crypto enforcement group. He’s dropped crypto enforcement actions in opposition to firms that donated tens of millions to his marketing campaign. And he’s given a number of Presidential pardons for crypto executives convicted of critical crimes. Trump’s corruption is so intensive that he has contaminated crypto’s total monetary regulatory framework.
Now, Republicans aren’t solely turning a blind eye to Trump’s corruption—now they need us to vote as we speak to spice up that corruption.
Late Sunday evening, the Republicans launched new ethics provisions that the Republicans negotiated with the White Home. They learn precisely like what probably the most corrupt President in our historical past would bless: a tiny little fig leaf that claims they’re doing one thing about corruption—however that’s fastidiously written to make it possible for it won’t stop Donald Trump from making his subsequent $1.4 billion in crypto income.
First, the brand new textual content ensures that Donald Trump won’t ever, ever be held accountable beneath this legislation. Why? As a result of Trump’s lapdogs would have the ability to close down any enforcement of the ethics provisions in opposition to Donald Trump.
The textual content says the Lawyer Basic – you understand, that’s the man who, at his affirmation listening to, stated throughout his affirmation listening to, “I’m Trump’s lawyer” – not America’s lawyer, Trump’s lawyer. That is the man who would determine whether or not to convey an enforcement motion in opposition to the President.
The invoice wouldn’t enable State Attorneys Basic to convey any enforcement actions in opposition to the President. All they will do is attempt to sue Trump’s former private lawyer, the Lawyer Basic, to do one thing about it.
And right here’s the kicker: no one thinks that the legal professional common goes to convey an motion in opposition to Donald Trump. However, this invoice has belt and suspenders constructed proper in to make sure that Trump’s crypto moneymaking schemes simply maintain proper on rolling. The invoice says that Trump’s handpicked cronies at his Workplace of Authorities Ethics can wave a magic wand by issuing a authorized opinion. After which as if by magic, Donald Trump would all of a sudden be shielded from any enforcement in any respect in opposition to his subsequent spherical of crypto corruption. An ethics restriction that the President himself can have utterly waived is just not an ethics restriction.
Second, even when these provisions have been enforceable, there are huge loopholes that will enable Trump to proceed juicing his crypto empire.
Below the brand new textual content, Trump could be allowed to proceed making lots of of tens of millions of {dollars} from his crypto ventures, together with World Liberty Monetary and his memecoin.
Not solely would Trump simply be capable of maintain or restructure his present crypto ventures, he would additionally be capable of create new ones. Additional corruption! For instance, this new textual content does nothing to cease Donald Trump from changing into the primary President in American historical past to personal and regulate his personal financial institution.
And lastly, Trump may simply put his holdings in a blind belief in title solely – whereas nonetheless realizing precisely what property are there – and nonetheless in cost of the regulators that may juice the worth of these crypto investments. Trump has already made $1.4 billion in 2025 alone as a crypto wheeler vendor, and this invoice that the Republicans wish to vote on as we speak would be certain that he can maintain raking within the dough.
It’s not simply the ethics provisions which can be horrible.
The invoice would make it simpler for terrorist organizations, for drug cartels, and for rogue states to purchase and promote weapons and repay authorities officers all utilizing crypto. Simpler for terrorists to finance their operations and tougher for legislation enforcement to catch them. Simpler for scammers to cheat People and tougher for legislation enforcement to catch them. Simpler for Iran and North Korea to evade sanctions and tougher for legislation enforcement to catch them.
This invoice would put all of us in danger of a crypto-fueled financial crash. The crypto invoice has turn out to be a Christmas tree with presents for different excessive threat scammers. The invoice, for instance, would blow an enormous gap in our almost century-old securities legal guidelines by permitting and inspiring firms that don’t have anything to do with crypto to throw their property on a blockchain to flee the investor protections that apply to conventional securities, you understand, like shares. The inventory market.
That might drain billions of {dollars} out of our inventory market that households rely on to fund their retirement financial savings, and it may decimate the guardrails that have been put in place after the Nice Melancholy. In truth, unions are against this invoice particularly as a result of they see it as placing staff’ hard-earned pensions in danger. Actually, you must simply ask your self: what does which have something to do with crypto? Why are we placing provisions in place to explode protections on the inventory market as a result of a handful of crypto bros need it.
The invoice would give banks a inexperienced mild to make use of People’ financial institution deposits to have interaction in a brand-new listing of dangerous crypto actions: lending in opposition to crypto as collateral, shopping for crypto straight, buying and selling crypto derivatives, working blockchain nodes, promoting crypto software program, the listing goes on and on. Take into consideration how the worth of crypto shot up and down and up and down within the final couple of years alone after which think about what occurs when the largest banks in America use the cash in your financial savings account to load up on that sort of crypto.
The invoice additionally blocks states and tribal nations from implementing an entire host of their very own legal guidelines on the books to guard their residents from getting scammed. The President of the Indian Gaming Affiliation referred to as this invoice “the best menace to Tribal sovereignty in a era.”
This isn’t what the American individuals need. They need Congress to do one thing in regards to the affordability disaster. They need an finish to Trump’s conflict in Iran. They need their elected leaders to step up and regulate AI. In keeping with a survey by crypto information outlet CoinDesk, simply 1% of respondents ranked crypto as their high concern. One other ballot discovered that if there’s something that voters wish to do on crypto, it’s to place in place significant anti-fraud and anti-corruption measures. That’s the type of factor this invoice obviously fails to do.
So why are we right here? We want crypto regulation, sure we do—however not a crypto invoice written by the crypto business to profit solely probably the most excessive voices within the crypto business—on the expense of our nationwide safety, our financial stability, and to assist probably the most corrupt President within the historical past of the USA make himself even richer.
I urge my Republican colleagues to return to the desk and negotiate an actual bipartisan crypto invoice. However till then, I urge my colleagues to vote no.
I urge my colleagues to vote no. Mr. President, I yield the ground.
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